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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 4, 2001
(December 3, 2001)
AMBAC FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
Delaware 1-10777 13-3621676
(State of incorporation) (Commission file number) (I.R.S. employer
identification no.)
One State Street Plaza 10004
New York, New York (Zip code)
(Address of principal executive offices)
(212) 668-0340
(Registrant's telephone number, including area code)
Page 1 of 5 Pages
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Index to Exhibits on Page 4
Item 5. Other Events
On December 3, 2001, Ambac Financial Group, Inc. (the "Registrant")
issued a press release announcing that its principal operating subsidiary, Ambac
Assurance Corporation, will replace a portion of its bank line capital support
with an innovative capital markets structure. Through the new structure, Ambac
Assurance acquired an unconditional and perpetual put option on $400 million of
its preferred stock from a high quality asset-backed trust. The issue was
privately placed. Exhibit 99.07 is a copy of the press release and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
Exhibit Number Item
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99.07 Press release announcing
on December 3, 2001 that
its principal operating
subsidiary, Ambac
Assurance Corporation,
will replace a portion of
its bank line capital
support with an
innovative capital
markets structure.
Page 2 of 5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Ambac Financial Group, Inc.
(Registrant)
Dated: December 4, 2001 By: /s/Frank J. Bivona
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Frank J. Bivona
Vice Chairman and
Chief Financial Officer
Page 3 of 5
INDEX TO EXHIBITS
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Exhibit
Number Description of Exhibit
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99.07 Press release announcing on December 3, 2001 that its
principal operating subsidiary, Ambac Assurance
Corporation, will replace a portion of its bank line
capital support with an innovative capital markets
structure.
Page 4 of 5