Ambac Financial Group, Inc. Announces Redemption of 7.00% Debentures Due October 17, 2051.NEW YORK -- Ambac Financial Group, Inc. (NYSE:ABK) (Ambac) announced today that it will redeem all of its outstanding $200 million 7.00% debentures (NYSE Listing AFK, CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 023139405), on October 23, 2006 (the "Redemption Date") at par ($25 per debenture) plus accrued interest to the Redemption Date. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. shall act as the Paying Agent. Redemption payments will be made upon the presentation and surrender of the notes to the Paying Agent by mail at The Bank of New York, Corporate Trust Operations, P.O. Box 396, East Syracuse, New York East Syracuse is an incorporated village and a suburb of the City of Syracuse in eastern Onondaga County, New York. United States. As of the 2000 U.S. Census, the village had a population of 3,178. , 13057 or by hand or overnight delivery at The Bank of New York, Corporate Trust Operations, 111 Sanders Creek Parkway, East Syracuse, New York, 13057. The debentures will be redeemed using portions of the proceeds from Ambac's $400 million issuance of 5.95% debentures in December 2005. On the Redemption Date, Ambac will write-off fees and expenses related to the original issuance of the 7.00% debentures of approximately $6.0 million ($3.9 million after-tax). Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. , a leading guarantor of public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Inc., Standard & Poor's Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed 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. (ticker symbol ABK). |
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