Ambac Assists Clients In Lowering Their Interest Costs

Ambac Financial Group Inc. (ABK) said it has worked with clients to help them
lower their borrowing costs on auction- and variable-rate debt.

The New York bond insurer said since January, more than $700 million in
conversions to Ambac-wrapped fixed-rate deals have been approved.

In addition, Ambac said it has been “active” in exploring and implementing
various amendments to provide clients temporary or permanent relief from wide
credit spreads.

The company approved changes to 75 term conversions that allow the issuers to tap
into different investor bases or to temporarily buy their own securities.

Transactions totaling over $4 billion have benefited from these conversions,
Ambac said.

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