Business: American Financial Group, 5.875% Subordinated Debentures due 2059 issued in $25 denominations, redeemable at the issuer's option on or after 3/30/2024 at $25 per debenture plus accrued and unpaid interest, and maturing 3/30/2059. <p> Interest distributions of 5.875% per annum ($1.46875 per annum or $0.3671875 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date that will be 3/15, 6/15, 9/15 & 12/15 respectively (NOTE: the ex-dividend date is one business day prior to the record date). The issuer may defer interest payments on one or more occassion for up to five consecutive years. <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The Company may redeem the Subordinated Debentures before 3/30/2024 at 100% of their principal amount plus accrued and unpaid interest, if certain changes in tax laws, regulations or interpretations occur; before 3/30/2024 at 102% of their principal amount plus accrued and unpaid interest if a rating agency makes certain changes in the equity credit methodology for securities such as the Subordinated Debentures (see prospectus for further information). <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was rated as Baa2 by Moody’s and BBB- by S&P at the date of its IPO. The subordinated debentures are unsecured and subordinated obligations of the company and will rank equally with all existing and future unsecured and subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.