HAMILTON, Bermuda--(BUSINESS WIRE)--
Assured Guaranty Ltd. (the Company or, together with its subsidiaries, Assured Guaranty) has agreed to purchase, as part of its previously announced share repurchase program, 5 million of its common shares held by Wilbur L. Ross, Jr. and funds managed by WL Ross & Co. LLC and its affiliates (collectively, WLR). The purchase price of $21.94 per share is a 3% discount from today’s NYSE closing price. After this transaction closes on June 5, 2013, WLR will hold approximately 14.9 million (or approximately 8%) of the Company’s remaining shares outstanding, a position valued at approximately $336 million.
“Wilbur Ross is a great supporter of Assured Guaranty as both a significant investor and director,” said Dominic Frederico, president and CEO of Assured Guaranty. “We highly value his continuing contributions and his confidence in the value and future of our company.”
Related to this repurchase, Mr. Ross said, “The shares were sold in connection with fund management purposes, we believe in the continued value of Assured Guaranty, and we have no plans to sell additional shares at this time.”
After this transaction, approximately $71 million remains available under Assured Guaranty’s current share repurchase authorization.
Assured Guaranty Ltd. is a publicly traded (AGO) Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets. More information on Assured Guaranty Ltd. and its subsidiaries can be found at assuredguaranty.com.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made herein reflect the current views of Assured Guaranty with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, future actions taken by WLR differing from Assured Guaranty’s expectations, and other risks and uncertainties that have not been identified at this time, management's response to these factors, and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of May 31, 2013. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
- Investment & Company Information