Corebridge Financial (CRBG) said Tuesday that it has priced a previously announced secondary offering of 32.6 million shares by American International (AIG) at $31.10 per share.

The offering is expected to close on Thursday, the company said.

The offering is expected to generate $1 billion of gross proceeds for American International, the company said.

Corebridge Financial said it also intends to purchase around $500 million worth of shares from the underwriter subject to the closing of the offering.