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June 1, 2013
14:36 EDTAGOAssured Guaranty repurchases shares from WL Ross & Co
Assured Guaranty has agreed to purchase, as part of its previously announced share repurchase program, 5M of its common shares held by Wilbur L. Ross, Jr. and funds managed by WL Ross & Co. LLC and its affiliates, collectively, WLR. The purchase price of $21.94 per share is a 3% discount from today’s NYSE closing price. After this transaction closes on June 5, WLR will hold approximately 14.9M, or approximately 8%, of the company’s remaining shares outstanding, a position valued at approximately $336M. “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 $71M remains available under Assured Guaranty’s current share repurchase authorization.
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