Assured Guaranty Ltd. ("Assured” or the ”Company”) (NYSE:AGO), the
parent of Financial Security Assurance Holdings Ltd. ("FSAH”), announced
that the Company would fully and unconditionally guarantee the three
series of FSAH debt obligations described in the chart below, in the
same manner it guarantees debt obligations of its subsidiary Assured
Guaranty US Holdings Inc., which are also not listed on an exchange. As
previously announced, Assured notified the New York Stock Exchange (the
"Exchange”) of its intention to voluntarily withdraw those FSAH bonds
from listing on the Exchange.
The Company expects Banc of America Securities LLC and Citigroup Global
Markets Inc. to continue to make a market in these three series of FSAH
bonds. Additionally, the Company noted that it was not currently
contemplating repurchasing, including through a tender offer, any of
these FSAH securities.
Dominic Frederico, President and Chief Executive Officer of Assured
said, "These actions are another step in our integration process,
providing for all of our bonds to trade in the over-the-counter market
with the benefit of a parent company guaranty.”
The Company also announced that it would guarantee, on a junior
subordinated basis, the $300 million of FSAH’s outstanding Junior
Subordinated Debentures due 2066.
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Security
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NYSE
Symbol
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Maturity Date
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CUSIP
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6-7/8% Quarterly Interest Bonds due 2101
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FSB
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December 15, 2101
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31769P 40 7
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6.25% Notes due 2102
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FSE
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November 1, 2102
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31769P 50 6
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5.60% Notes due 2103
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FSF
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July 15, 2103
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31769P 60 5
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|
|
|
|
|
|
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Assured Guaranty Ltd. is a Bermuda-based holding company. Its operating
subsidiaries provide credit enhancement products to the U.S. and
international public finance, structured finance and mortgage markets.
Any forward-looking statements made in this press release reflect
Assured’s current views with respect to future events and financial
performance and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to differ
materially from those set forth in these statements. For example,
Assured’s forward-looking statements, including its statements regarding
financial strength and growth opportunities, could be affected by a
rating agency action, such as a ratings downgrade, difficulties with the
execution of Assured’s business strategy, contract cancellations,
developments in the world's financial and capital markets, more severe
or frequent losses associated with products affecting the adequacy of
Assured’s loss reserve, impact of market volatility on the marking to
market of our contracts written in credit default swap form, changes in
regulation or tax laws, governmental actions, natural catastrophes,
Assured’s dependence on customers, decreased demand or increased
competition, loss of key personnel, technological developments, the
effects of mergers, acquisitions and divestitures, changes in accounting
policies or practices, changes in general economic conditions, other
risks and uncertainties that have not been identified at this time,
management's response to these factors, and other risk factors
identified in Assured’s filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which
they are made. Assured undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
