Ambac announces initial holding inquiry for Metronet bonds

By Laura Lutz

Des Moines, Feb. 20 - Ambac Assurance UK Ltd. said in a news release that it instructed the Association of British Insurers to undertake an initial holding inquiry of the bonds of Metronet SSL Finance plc and Metronet Rail BCV Finance plc that are guaranteed by Ambac.

Those bonds consist of £165 million of 2.8756% index-linked guaranteed secured bonds due 2032 from Metronet SSL and £350 million of 5.305% fixed-rate guaranteed secured bonds due 2032 from Metronet BCV.

The inquiry is only for information purposes and does not relate to any specific proposal about the bonds, Ambac said.

Any holders of the bonds who are not members of the Association of British Insurers may record their presence with Ambac by contacting Paul Burke or by contacting Deutsche, the bond trustee, for the attention of Stuart Harding (stuart.harding@db.com).

London-based Metronet operates part of the London Underground under public private partnership contracts. The affected debt was issued to finance operation and maintenance of asset upgrades for the system.

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