Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (“Sitka” or the “Issuer”), has closed its previously announced offering of its LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026 (the “Senior Secured Notes”). The proceeds from this offering were used to fund a portion of the redemption in full of the Ambac LSNI, LLC (“Ambac LSNI”) LIBOR plus 5.00% Insured Secured Notes due 2023 (the “Ambac LSNI Notes”) and the secured note issued by Ambac Assurance Corporation (“AAC”) concurrent with the issuance of the Ambac LSNI Notes. The offering of the Senior Secured Notes was conducted in light of favorable market conditions and to effectively extend the maturity of the Ambac LSNI Notes by approximately three years. While Ambac expects to resolve the remaining litigations brought by AAC to recover losses on insured residential mortgage-backed securities well in advance of the maturity of the Senior Secured Notes, Ambac believes that an extended maturity date will provide increased financial flexibility during the pendency of such litigations.
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