Assured Guaranty Repurchases Ross Shares
Bermuda-based Assured Guaranty Ltd. has agreed to purchase, as part of its previously announced share repurchase programme, five million of its common shares held by Wilbur L. Ross, Jr. and funds managed by WL Ross & Co. LLC [WLR] and its affiliates.
The purchase price of $21.94 per share is a three percent discount from the Friday [May 31] New York Stock Exchange closing price.
After this transaction closes on June 5, 2013, WLR will hold approximately 14.9 million — or approximately eight percent — of the company’s remaining shares outstanding, a position valued at approximately $336 million.
“Wilbur Ross is a great supporter of Assured Guaranty as both a significant investor and director,” said Dominic Frederico, president and CEO of Assured Guaranty. “We highly value his continuing contributions and his confidence in the value and future of our company.”
Related to this repurchase, Mr. Ross said, “The shares were sold in connection with fund management purposes, we believe in the continued value of Assured Guaranty, and we have no plans to sell additional shares at this time.”
After this transaction, approximately $71 million remains available under Assured Guaranty’s current share repurchase authorization.
Assured Guaranty Ltd. is a publicly traded Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets.
