AMBAC FINANCIAL GROUP, INC. FILES SHELF REGISTRATION FOR UP TO $550 MILLION IN DEBT OR EQUITY SECURITIES
News Release
March 19, 2001 - New York, NY: Ambac Financial Group, Inc. (NYSE: ABK) announced today that it had filed a shelf registration statement with the Securities and Exchange Commission for up to $550 million in debt securities or equity securities.
The specific terms of any debt or equity securities will be determined when an offering is made and will be described in a supplement to the prospectus. Ambac may sell the debt or equity securities through underwriters or dealers, directly to one or more purchasers or through agents. Ambac expects to use the net proceeds for general corporate purposes.
According to Frank J. Bivona, Ambac's Chief Financial Officer, "While we currently have no immediate capital-raising plans, this shelf positions us to opportunistically tap the capital markets as business needs dictate."
A copy of the prospectus and prospectus supplement relating to a specific offering of debt or equity securities, when available, may be obtained from Peter R. Poillon, Ambac Financial Group, Inc., One State Street Plaza, New York, NY 10004, (212) 208-3333.
A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE, NOR MAY SALES BE EFFECTED IN THE ABSENCE OF A PROSPECTUS SUPPLEMENT SETTING FORTH THE TERMS AND CONDITIONS OF ANY SPECIFIC SERIES OF SECURITIES OFFERED. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY LAWFUL JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac Assurance Corporation is the principal operating subsidiary of Ambac Financial Group, Inc. Ambac Assurance, a leading guarantor of municipal and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Credit Markets Services, Fitch and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).