American International Group Inc., the insurer that paid back a $182.3 billion bailout package last year, is planning a $1 billion sale of 10-year notes.

The New-York based company may issue senior unsecured notes that yield 150 basis points more than similar-maturity Treasuries as soon as today, according to a person familiar with the offering.

The notes may be rated Baa1 by Moody’s Investors Service, said the person, who asked not to be identified because terms aren’t set.

Proceeds may be used for general corporate purposes, the company said in a filing today with the U.S. Securities and Exchange Commission. Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc. and Morgan Stanley are managing the deal, the company said.

Editors: Mitchell Martin, Shannon D. Harrington