Ambac Guarantees First Bond For a UK Football Stadium.LONDON -- Ambac Assurance UK Limited announced today that it has guaranteed 100% of the 25-year GBP 260 million public bond issued by Arsenal Securities Plc with the proceeds being used to refinance the Emirates Stadium. The Emirates Stadium is a new, state-of-the-art, 60,000 seat arena in North London and will be the new home of The Arsenal Football Club Plc. This is the first insured bond issue for a football club in Europe and is secured by the ticket revenue streams achieved by the stadium. Ian Dixon, Managing Director and head of infrastructure finance in Ambac's London office commented, "Ambac is delighted to be involved with this prestigious project and especially happy to have been able to use our U.S. stadium financing experience to help Arsenal Football Club achieve longer term financing." Keith Edelman, Managing Director of The Arsenal Football Club Plc commented, "The Emirates Stadium is hugely important to the Arsenal's future and this funding structure offers a solid financing base to compliment the Club's objectives." Ambac Financial Group Ambac Financial Group (NYSE: ABK) is an American Insurer of bonds, including municipal bonds. Ambac Financial Group, Inc. (NYSE: ABK) is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both , Inc., headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , 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. , is a leading guarantor of municipal and structured finance obligations. It 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 Assurance UK Limited is a wholly-owned subsidiary of Ambac Assurance Corporation. 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). Ambac Assurance UK Limited is authorized and regulated by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . |
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