American International Group Inc. said Wednesday it plans to recapitalize the company and pay back a credit facility extended by the Federal Reserve Bank of New York.

The insurer said in a Securities and Exchange Commission filing it plans to use $27 billion in proceeds from its initial public offering of AIA Group Ltd. and the sale of American Life Insurance Co. to pay back the facility and other debts.

AIG also said it plans to raise up to $3 billion, and up to an additional $4 billion with the consent of the Treasury Department, by August in a registered primary offering to help recapitalize the company.

The Treasury, which already owns more than 80 percent of AIG, will be able to dictate terms and conditions of that and other offerings until the Treasury’s stake in the insurer falls below 33 percent, AIG said.

Shares of AIG were halted at $42.23, down 4 percent, before the news broke.

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