By Devika Patel
Knoxville, Tenn., April 8 - Assured Guaranty Ltd. said it took in $250 million from a private placement of shares. This deal with WL Ross & Co. LLC was announced on Feb. 29.
The company said in that announcement that it has the option of selling another $750 million of stock to WL Ross.
The price company sold 10,651,896 shares at $23.47 apiece.
The additional $750 million commitment by WL Ross is available at Assured's option for one year from settlement of the $250 million investment. The price for subsequent investments will be 97% of the volume-weighted average price of the company's common shares for the 15 trading days prior to notice of any subsequent investment.
Assured is a Hamilton, Bermuda, provider of credit enhancement for the public finance, structured finance and mortgage markets.
| Issuer: | Assured Guaranty Ltd.
|
| Issue: | Common shares
|
| Amount: | $250 million
|
| Shares: | 10,651,896
|
| Price: | $23.47
|
| Warrants: | No
|
| Investor: | WL Ross & Co. LLC
|
| Announcement date: | Feb. 29
|
| Settlement date: | April 8
|
| Stock symbol: | NYSE: AGO
|
| Stock price: | $22.78 at close Feb. 28
|
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