<SEC-DOCUMENT>0001140361-20-007073.txt : 20200326
<SEC-HEADER>0001140361-20-007073.hdr.sgml : 20200326
<ACCEPTANCE-DATETIME>20200326171617
ACCESSION NUMBER:		0001140361-20-007073
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200326
DATE AS OF CHANGE:		20200326

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001042046
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				311544320
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-223216
		FILM NUMBER:		20746968

	BUSINESS ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135792121

	MAIL ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FINANCIAL GROUP HOLDINGS INC
		DATE OF NAME CHANGE:	19970709

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001042046
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				311544320
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135792121

	MAIL ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FINANCIAL GROUP HOLDINGS INC
		DATE OF NAME CHANGE:	19970709
</SEC-HEADER>
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        <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Filed Pursuant to Rule&#160;433<font style="font-size: 12pt;"><br>
        </font>Dated March 26, 2020<font style="font-size: 12pt;"><br>
        </font>Registration Statement No. 333-223216<font style="font-size: 12pt;"><br>
        </font>Relating to Preliminary Prospectus Supplement<font style="font-size: 12pt;"><br>
        </font></div>
      <div style="text-align: right;">dated March 26, 2020 to </div>
      <div style="text-align: right;">Prospectus dated February 26, 2018</div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="image0.jpg" height="97" width="179"></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">5.250% Senior Notes due 2030</div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z513f40a283194005bd8227d28fe26985" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>American Financial Group, Inc.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Ratings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup>:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>Baa1 (Moody&#8217;s) / BBB+ (S&amp;P)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Security Type:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>Senior Unsecured Fixed Rate Notes</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Size:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>$300,000,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>March 26, 2020</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>April 2, 2020 (T+5**)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Maturity Date:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>April 2, 2030</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>5.250%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>The Issuer may redeem the senior notes, in whole or in part, at its option, at any time or from time to time:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;&#8226;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>prior to January 2, 2030, at a redemption price equal to the greater of (i) 100% of the principal amount of any senior notes to be redeemed; or (ii)
              the sum of the present values of the remaining scheduled payments of principal and interest on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual
              basis (assuming a 360-day year consisting of twelve 30-day months) as the then current Treasury Rate plus 50 basis points; or</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;&#8226;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>on or after January 2, 2030, at a redemption price equal to 100% of the principal amount of any senior notes to be redeemed.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>April 2 and October 2 of each year, commencing on October 2, 2020</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>UST 1.500% due February 15, 2030</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark&#160; Treasury:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>+ 462.5 basis points</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Yield:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>0.805%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>98.625%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>5.430%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Net Proceeds (before expenses):</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>$293,925,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Underwriting Discounts &amp; Commissions:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>0.65% ($1,950,000 total)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>025932 AP9 / US025932AP92</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Other Relationships:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>U.S. Bank National Association, an affiliate of U.S. Bancorp Investments, Inc., and a lender on the Issuer&#8217;s revolving credit facility, is serving as
              the trustee under the indenture relating to the senior notes.</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z97718840a0ee492f945b0bac95e9f43a" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 52%; vertical-align: top;">
            <div>BofA Securities, Inc.</div>
            <div>J.P. Morgan Securities LLC</div>
            <div>Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 52%; vertical-align: top;">
            <div>Barclays Capital Inc.</div>
            <div>KeyBanc Capital Markets Inc.</div>
            <div>MUFG Securities Americas Inc.</div>
            <div>PNC Capital Markets LLC</div>
            <div>SunTrust Robinson Humphrey, Inc.</div>
            <div>U.S. Bancorp Investments, Inc.<br>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">&#160;*Ratings may be changed, suspended or withdrawn at any time and are not a recommendation to buy, hold or sell any security.</div>
    <div>&#160;<br>
    </div>
    <div style="text-align: justify; font-weight: bold;">No PRIIPs KID &#8212; No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">**Under Rule 15c6-1 of the Securities and Exchange Act of 1934, as amended, trades in the secondary market generally are required to
      settle in two business days, unless the parties to such trade expressly agree otherwise. Accordingly, purchasers who wish to trade their notes on the date of pricing or the next two business days will be required, by virtue of the fact that the notes
      initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">The Issuer has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and
      Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents the Issuer has filed with the
      Securities and Exchange Commission for more complete information about the Issuer and this offering.&#160; You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission&#8217;s website at www.sec.gov. Alternatively, the
      Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling BofA Securities, Inc. toll free at 1-800-294-1322, J.P. Morgan Securities
      LLC, collect at (212) 834-4533, or Wells Fargo Securities, LLC, toll-free at (800) 645-3751.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such
      disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.</div>
    <div style="text-align: justify; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div><br>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
