EXHIBIT 99.17 |
Ambac Financial Group, Inc. |
One State Street Plaza |
New York, NY 10004 |
212.668.0340 |
News Release
For Immediate Release
Investor/Media Contact: Peter R. Poillon
(212) 208-3333
ppoillon@ambac.com
Website: www.ambac.com
AMBAC FINANCIAL GROUP, INC. ANNOUNCES DEBENTURE
OFFERING AND INTENTION TO CALL $200 MILLION
OF LONG-TERM DEBENTURES
NEW YORK, March 18, 2003—Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today the commencement of an offering of $100 million aggregate principal amount of debentures. The offering amount may be increased based upon demand. The interest rate, maturity and other terms of the debentures will be determined at pricing and the offering is expected to close on or about March 24, 2003.
In connection with the offering, Ambac also announced its intention to use the proceeds from the sale of the debentures together with other corporate funds to redeem $200 million aggregate principal amount of the 7.08% debentures due March 31, 2098. The 7.08% debentures, which were issued on April 1, 1998, are callable at par on or after March 31, 2003. The redemption of the 7.08% debentures is subject to the successful debenture offering and Ambac Board of Directors approval.
Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac’s principal operating subsidiary, Ambac Assurance Corporation, is a leading guarantor of municipal and structured finance obligations. It has earned triple-A ratings, the highest ratings available, from Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).