Printer Friendly

FINANCIAL SECURITY ASSURANCE HOLDINGS FILES INITIAL PUBLIC OFFERING OF 12,000,000 SHARES OF COMMON STOCK

 NEW YORK, Oct. 12 /PRNewswire/ -- Financial Security Assurance Holdings Ltd. announced today that it has filed with the Securities and Exchange Commission a registration statement relating to a planned initial public offering of 12,000,000 shares of common stock (or approximately 46.4 percent of the shares to be outstanding after the offering). Of the shares to be offered for sale, 9,000,000 shares would be sold by majority shareholder U S WEST Capital Corporation, a wholly owned subsidiary of U S WEST, Inc., and 3,000,000 would be sold by Financial Security Assurance Holdings Ltd.
 Of the 12,000,000 shares proposed to be offered, 10,200,000 would be offered in the United States and Canada and 1,800,000 would be offered outside of the United States and Canada.
 Financial Security Assurance Holdings Ltd. is a holding company that conducts operations through Financial Security Assurance Inc. (FSA), a wholly owned insurance subsidiary with "Aaa/AAA" claims-paying ability ratings. FSA is principally engaged in the guarantee of residential mortgage and other asset-backed securities and municipal securities.
 Net proceeds from the primary offering of 3,000,000 would be used:
 -- To increase FSA's capital base; and
 -- To replenish, in part, funds used in a proposed restructuring of FSA, which would significantly reduce its exposure to previously insured commercial mortgage transactions.
 The proposed sale of 9,000,000 shares by U S WEST Capital Corporation is consistent with U S WEST, Inc.'s previously announced intention to exit its financial services businesses.
 After giving effect to the offering, Financial Security Assurance Holdings Ltd. would be 46.1 percent (39.2 percent assuming the exercise in full of the underwriters' over-allotment option) owned by U S WEST Capital Corporation and 7.5 percent owned by its current minority shareholder The Tokio Marine and Fire Insurance Co., Ltd., with the remaining shares owned by the public.
 The company is headquartered in New York City and has representative offices in London and Sydney, Australia.
 -0- 10/12/93
 /CONTACT: Betsy Halpern of Financial Security Assurance Ltd., 212-339-3424/


CO: Financial Security Assurance Holdings Ltd. ST: New York IN: FIN SU: OFR

CK-LD -- NY097 -- 1308 10/12/93 16:57 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 12, 1993
Words:369
Previous Article:NEW YORK CITY $650 MILLION TAX ANTICIPATION NOTES RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:NEWBRIDGE MICROSYSTEMS, SUNCONNECT PARTNERSHIP EXPANDS SUNLINK WIDE AREA CONNECTIVITY OPTIONS; NEWBRIDGE UNVEILS OPENBUS COMMUNICATIONS PRODUCT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters