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Ambac issues shares in exchange for $8.5 million 9 3/8% debentures
By Jennifer Chiou
New York, June 17 - Ambac Financial Group, Inc. entered into debt-for-equity exchanges in which it issued shares for a total of $8.5 million of its 9 3/8% debentures due August 2011, according to an 8-K filing with the Securities and Exchange Commission.
Specifically, the company issued 4,810,355 shares in exchange for $8,112,000 of the debentures and it also issued 225,713 additional shares for another $388,000 of the securities.
The company completed the transactions on June 11.
Ambac is a New York-based company that provides financial guarantee insurance for public and structured finance obligations.
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