Co announces that it has priced its $1.155 bln public offering of 171,111,111 shares of common stock at $6.75 per share and has granted the underwriters a 30-day option to purchase up to an additional 25,666,667 shares of common stock to cover over-allotments, if any. In addition, Ambac announce that it has concurrently priced its $250 mln public offering of 5 mln equity units, with a stated amount of $50 per unit. The equity units carry a total distribution rate of 9.5%. The threshold appreciation price of the equity units is $7.97 which represents a premium of approx 18% over the concurrent public offering price of Ambac’s common stock of $6.75 per share. Ambac has granted the underwriters a 13-day option to purchase up to an additional 750K equity units to cover over-allotments, if any. Ambac also placed 14,074,074 shares of common stock in a private placement for $95 mln with two financial institutions.
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