ACE Limited Announces Pricing of Assured Guaranty Initial Public Offering.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--April 23, 2004 ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE) today announced that it has priced the common stock offering of 49,000,000 common shares of Assured Guaranty Ltd. ("Assured Guaranty") at $18.00 per share. In addition, the underwriters have been granted an over-allotment option to purchase an additional 7,350,000 common shares at the initial public offering price. Assured Guaranty's common shares have been approved for listing on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "AGO." ACE, through a subsidiary, will continue to own approximately 35% of Assured Guaranty after the offering or approximately 25% if the underwriters' over-allotment option is exercised in full. The closing of the offering is expected to occur on April 28, 2004. ACE will receive net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $840.1 million ($966.1 million if the underwriters' over-allotment option is exercised in full) in the offering. ACE expects to use the net proceeds to support its property and casualty insurance operations and for general corporate purposes. This press release shall not constitute an offer to sell or a 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 state. The common shares may be offered only by means of a prospectus. Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. A copy of the prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offering may be obtained from the offices of Banc of America Securities LLC, 9 W. 57th St., 30th Floor, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10019; or Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004. The ACE Group of Companies is a global leader in insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. serving a diverse group of clients. A component of the Standard & Poor's 500 stock index, The ACE Group conducts its business on a worldwide basis with operating subsidiaries in nearly 50 countries. Additional information can be found at http://www.acelimited.com. Cautionary Statement Regarding Forward-Looking Statements Any forward-looking statements made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Company's forward-looking statements could be affected by market conditions, regulatory actions, competition, rating agency actions and economic, political, and business conditions and other factors identified in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion