CapMAC Holdings Purchases Outstanding Warrants.NEW YORK--(BUSINESS WIRE)--April 24, 1997--CapMAC Holdings Inc. (NYSE NYSE See: New York Stock Exchange :KAP) announced today that it will issue approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 707,000 new shares of common stock in connection with the exercise and purchase of all of the outstanding warrants for its common stock. The outstanding warrants had given the holders the right to purchase approximately 1.5 million shares of common stock at a price of $13.33 per share. The Company had notified the warrant holders that it would exercise its right to purchase the warrants and that in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. paying cash, it would issue new shares of common stock to the warrant holders. The total number of shares to be issued by the Company will be approximately 707,000, which includes both the shares issued in connection with the warrants purchased by the Company today and shares issued for the warrants exercised by certain holders since the Company provided notice of its intention to purchase the warrants. The number of shares issued to warrant holders in connection with the Company's purchase of the warrants today was based on the average closing price of the Company's common stock on each of the ten business days preceding and including April 24, which was $25.59 per share. CapMAC Holdings Inc., through its subsidiaries, provides financial guarantee insurance of structured securities, primarily asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. ; advisory and structuring services in connection with structured and asset-backed financings; investment management; and access to funding for its clients through third-party owned and managed securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. vehicles. CONTACT: Mary Mary, the mother of Jesus Mary, in the Bible, mother of Jesus. Christian tradition reckons her the principal saint, naming her variously the Blessed Virgin Mary, Our Lady, and Mother of God (Gr., theotokos). Her name is the Hebrew Miriam. Bergo Vermylen 212/891-6719 |
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