Ambac disappoints, CIFG rating downgraded
Ambac Financial, parent company of bond insurer Ambac Assurance, on Wednesday announced plans to raise at least $1bn of capital through an equity offering. It will also stop writing structured finance business for six months.
It is offering at least $1bn of shares of common stock, with a par value of $0.01 per share. The underwriters have a 30 day option to buy additional shares to cover over-allotments, if there are any.Credit Suisse, Citigroup, UBS and Bank of America are joint bookrunners ...
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