Assured Guaranty Corp. Closes $350,000,000 Student Loan Transaction for New Jersey Higher Education Student Assistance Authority.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 -- Assured Guaranty Corp. ("Assured" or the "Company"), the triple-A rated financial guaranty subsidiary of Assured Guaranty Ltd. (NYSE NYSE See: New York Stock Exchange :AGO), announced today that it closed a $350 million fixed rate tax exempt financing for the New Jersey Higher Education Student Assistance Authority ("HESAA HESAA Higher Education Student Assistance Authority "). "We are pleased to participate in this important transaction for the State of New Jersey," noted Mike Schozer, President of Assured Guaranty Corp. "Assured's financial guarantee continues to enable municipal and state issuers to receive the necessary financing for valuable public purposes, such as higher education." Assured will guarantee the securities that will provide HESAA with funding to help New Jersey students finance their college education. HESAA's mission in providing supplemental loans is to assist students with paying for the total costs of college not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by other forms of student aid. This is the Company's first insured primary market student loan transaction and the first of several student loan programs that Assured is considering. "Assured is committed to helping the public sector meet the education finance requirements of their constituents, which has become more difficult in today's challenging consumer credit markets," commented Jeff Nabi, Senior Managing Director, Consumer and Mortgage Backed Securities. Assured has seen a steady stream of activity in the direct new issue U.S. public finance market throughout the month of July. In new issue sales for the competitive market, Assured wrapped 40 transactions for $601.6 million in par and for new issue sales in the negotiated market, Assured wrapped 40 transactions totaling $1,721.7 million in par. Assured Guaranty Corp. is a leading provider of financial guaranty insurance in the U.S. and international public finance, structured finance and mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. markets. Assured Guaranty Corp. is rated triple-A by the three leading rating agencies and is licensed in all 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico. Assured Guaranty Ltd. is a Bermuda-based holding company. Its operating subsidiaries provide credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing products to the U.S. and international public finance, structured finance and mortgage markets. More information can be found at www.assuredguaranty.com. 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 that may cause actual results to differ materially from those set forth in these statements. For example, the Company's forward-looking statements, including its statements regarding the expansion of the consumer and mortgage-backed securities business, could be affected by a significant reduction in the amount of 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. ceded by one or more of our principal ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. companies, rating agency action such as a ratings downgrade, difficulties with the execution of the Company's business strategy, contract cancellations, developments in the world's financial and capital markets, more severe or frequent losses associated with products affecting the adequacy of the Company's loss reserve, changes in regulation or tax laws, governmental actions, natural catastrophes, the Company's dependence on customers, decreased demand or increased competition, loss of key personnel, technological developments, the effects of mergers, acquisitions and divestitures, changes in accounting policies or practices, changes in general economic conditions, other risks and uncertainties that have not been identified at this time, management's response to these factors, and other risk 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. |
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