HAMILTON, Bermuda--(Business Wire)--Assured Guaranty Ltd. (NYSE:AGO) ("Assured") has announced that it
has agreed to sell 11,764,705 of its common shares in a public
offering at a price per share of $25.50, for gross proceeds of
approximately $300 million. Assured also granted to the underwriters
of the public offering an option to purchase an additional 1,764,705
common shares at the same price. Banc of America Securities LLC and
Merrill Lynch & Co. are acting as joint book-runners of the public
offering.
Assured intends to contribute the net proceeds of the offering to
its reinsurance subsidiary, Assured Guaranty Re Ltd. ("AG Re"). AG Re
intends to use the proceeds to capitalize on large reinsurance
portfolio opportunities which provide capital relief to unaffiliated
monoline financial guaranty companies as well as to support the growth
of Assured Guaranty Corp. ("AGC"), Assured's direct financial guaranty
subsidiary, by providing reinsurance. AG Re is AGC's principal
financial guaranty reinsurer.
Copies of the prospectus supplement relating to this offering,
when available, may be obtained from Banc of America Securities LLC,
Capital Markets (Prospectus Fulfillment) by e-mail to
dg.prospectus_distribution@bofasecurities.com or by mail to Banc of
America Securities LLC, Capital Markets Operations, 100 West 33rd
Street, 3rd Floor, New York, NY 10001 or from Merrill Lynch & Co. by
mail to Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World
Financial Center, New York, NY 10080, Attn: Prospectus Department or
by telephone: 212-449-1000.
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 state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state. A shelf registration statement
relating to the common shares that Assured Guaranty is offering, has
previously been filed with, and declared effective by, the Securities
and Exchange Commission. Any offer, if at all, will be made only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement.
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. More information can be found at www.assuredguaranty.com.
Assured Guaranty Ltd., Hamilton
Sabra Purtill, Managing Director, Investor Relations
and Strategic Planning, 212-408-6044
441-278-6665
spurtill@assuredguaranty.com
or
Christopher McNamee, Vice President, Investor Relations
212-261-5509
cmcnamee@assuredguaranty.com
Copyright Business Wire 2007
