Assured Guaranty Ltd. Closes Debt Offering.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--May 18, 2004 Assured Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Ltd. (NYSE NYSE See: New York Stock Exchange :AGO) announced the completion of a $200 million 30-year senior note offering by its subsidiary, Assured Guaranty US Holdings Inc. The senior notes are guaranteed by Assured Guaranty Ltd. The proceeds of the debt offering will be used to repay a $200 million note issued to a subsidiary of ACE Limited prior to the Company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in April 2004. While the coupon on the senior notes is 7.00%, the effective rate will be approximately 6.2% due to a treasury hedge executed by the Company in March 2004. Assured Guaranty Ltd. is a Bermuda-based holding company providing 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 municipal finance, structured finance and mortgage markets. More information can be found at www.assuredguaranty.com. |
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