Business: American Financial Group, Inc., 5.125% Subordinated Debentures due 2059, issued in $25 denominations, redeemable at the issuer's option on or after 12/15/2024 at $25 per debenture plus accrued and unpaid interest, and maturing 12/15/2059. <p> Interest distributions of 5.125% per annum ($1.28125 per annum or $0.3203125 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (but not beyond the maturity date). <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 issuer may redeem the debentures prior to 12/15/2024, within 90 days after the occurrence of a tax event or a rating agency event (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 Debentures are unsecured, subordinated obligations of the company and will rank junior to the company's senior debt, equally with all existing and future unsecured, 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.