The U.S. Treasury Department said Tuesday that it expects its latest public offering of American Insurance Group stock to yield $20.7 billion, pushing the total amount the federal government has raised selling AIG shares well past the $182 billion it loaned the then-teetering insurance giant nearly four years ago amid the collapse of the financial markets.

The tally came two days after Treasury officials announced plans to sell at least $18 billion in AIG shares priced at $32.50 apiece, a move aimed at reducing the government’s investment in the insurer to a minority stake for the first time since the 2008 bailout. The decision by the offering’s underwriters to purchase additional AIG shares by exercising an over-allotment option wound up tacking another $2.7 billion onto the government’s take from the most recent share sale, according to a Treasury press release issued Tuesday. AIG agreed as part of the offering to buy $5 billion worth of its own shares at the set price.

The U.S. Department of Treasury—which sold $5 billion worth of AIG shares in May to cut its stake in the company from 70 percent to 63 percent—said Monday that not only has the loan bestowed on the insurer been fully recovered, but the government has already realized a “positive return” of $15.1 billion—with more profits possible. The most recent offering trims Treasury’s AIG stake to 15.9 percent.

As he did in both May and March, when the government sold $6 billion in AIG stock, Davis Polk & Wardwell capital markets partner John Brandow is leading a team from the firm advising the Treasury Department on the latest share sale. Davis Polk played an important role in putting together the provisions of the AIG bailout, as The Am Law Daily has previously reported.

An SEC filing shows that in addition to deputy general counsel Kathleen Shannon, AIG has turned again to longtime outside counsel Sullivan & Cromwell for advice on the latest stock offering, as well as its purchase of its own shares. S&C also advised AIG on the 2008 bailout and has continued to advise the insurer on the government’s subsequent share sales. An S&C spokesman did not respond to a request for further information on the firm’s involvement in this week’s sale or the names of the lawyers working on the matter.

Cleary Gottlieb Steen & Hamilton is another firm that has consistently had a hand in the government’s sales of AIG, and the firm is again advising a group of underwriters that includes Citigroup, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Bank of America Merrill Lynch, Barclays, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, Credit Suisse, and Macquarie Capital. The Cleary team is led by capital markets partner Craig Brod and financial institutions partner Jeffrey Karpf.

In a separate development, AIG announced last Friday that it would sell $2 billion worth of shares in its former subsidiary, Hong Kong insurer AIA Group Limited, with the proceeds earmarked for, among others, repurchasing their own shares. Debevoise & Plimpton represented AIG on that transaction with a team led by corporate partner E. Drew Dutton.