Ambac Assurance UK Limited's (AUK) Statement on Receipt of the Put Option Price on Senior Debt of Metronet Rail BCV & Metronet R
13 Febbraio 2008 - 5:42PM
Business Wire
London Underground Ltd (LUL) yesterday funded payment of the put
option price on senior debt of Metronet Rail BCV (BCV) and Metronet
Rail SSL (SSL). AUK insures �193m of the SSL indexed-linked bonds
and �350m of the BCV fixed rate bonds. The debt was issued under
Public Private Partnership (PPP) contracts to finance the
operation, maintenance and the initial phase of asset upgrades for
part of the London Underground. Under the applicable PPP contracts,
insured bondholders and other senior creditors including commercial
banks and the EIB benefit from an �Underpinned Amount� providing
support from LUL. With respect to the AUK-insured BCV and SSL
bonds, the sum of �617 million has been deposited into two separate
escrow accounts opened in the joint names of AUK and Deutsche
Trustee Company Limited (Deutsche) at Citibank, N.A., London
Branch. Deutsche is the Bond Trustee under the Bond Trust Deed
governing the BCV and SSL bonds. The funds held in escrow are
available to meet debt service guaranteed by AUK and other amounts
due in accordance with the Bond Trust Deed, the escrow agreement
and other relevant documentation. While AUK is evaluating the
options mentioned below, the funds will be invested in UK
government securities, entities which invest solely in UK
government securities, any short term instruments or deposits with
a rating of A-1 or better by S&P and P-1 or better by Moody�s,
or other investments as agreed by the Bond Trustee and AUK.
Although AUK expressly reserves the right to direct that available
funds be used for the acceleration of the bonds in accordance with
the terms and conditions thereof, AUK is evaluating a number of
options for the bonds, including long-term defeasance. Certain of
these may require bondholder consent. AUK plans to communicate
further with Deutsche and the bondholders depending on the outcome
of this evaluation. AUK�s unconditional and irrevocable guaranty
remains in full force and effect. Forward-Looking Statements This
release contains statements about our future results that may
constitute �forward-looking statements� within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements are based on management�s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More
information about these factors is contained in Ambac Financial
Group Inc.�s (ultimate parent company to AUK) (�Ambac�) filings
with the Securities and Exchange Commission. There are a variety of
factors, many of which are beyond Ambac�s control, which affect the
operations, performance, business strategy and results and could
cause its actual results to differ materially from the expectations
and objectives expressed in any forward-looking statements. Readers
are cautioned not to place undue reliance on forward-looking
statements which speak only as of the date they are made. Ambac
does not undertake to update forward-looking statements to reflect
the impact of circumstances or events that arise after the date the
forward-looking statements are made. The reader should, however,
consult any further disclosures Ambac may make in its future
filings of its reports on Form 10-K, Form 10-Q and Form 8-K. 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, a leading guarantor of public finance and structured
finance obligations, has earned triple-A ratings from Moody�s
Investors Service, Inc. and Standard & Poor�s Ratings Services;
and a double-A rating from Fitch, Inc. Moody�s has placed Ambac�s
triple-A rating on review for possible downgrade. Standard &
Poor�s has placed Ambac�s triple-A rating on �credit watch
negative.� Fitch has placed Ambac's double-A rating on �rating
watch negative.� Ambac Financial Group, Inc. common stock is listed
on the New York Stock Exchange (ticker symbol ABK).
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