Ambac Financial Group Inc - Current report filing (8-K)
07 Marzo 2008 - 8:59PM
Edgar (US Regulatory)
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): March 7, 2008 (March 3, 2008)
AMBAC FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its
charter)
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Delaware
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1-10777
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13-3621676
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(State of incorporation)
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(Commission file number)
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(I.R.S. employer
identification no.)
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One State Street Plaza, New York, New York 10004
(Address of principal executive offices) (Zip Code)
(212) 668-0340
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))
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Item 1.01 Entry into a Material Definitive Agreement.
On March 3, 2008, Ambac Financial Group, Inc. (Ambac) and Ambac Assurance Corporation (Ambac Assurance, and together with
Ambac, the Borrowers), certain lenders and Citibank, N.A., as administrative agent (the Administrative Agent), entered into an amendment (the Amendment No. 2) to the First Amended and Restated Revolving
Credit Agreement, dated as of July 30, 2007 (as amended by Amendment No. 1 thereto, the
Credit Agreement
) among the Borrowers, the Administrative Agent, The Bank of New York and KeyBank, National Association, as
co-syndication agents, HSBC Bank USA, N.A. and Wachovia Bank, National Association as co-documentation agents and Citigroup Global Markets Inc. as the sole lead arranger and sole book runner, and certain other financial institutions, as lenders.
The Amendment No. 2 amends Section 5.02(c) concerning asset dispositions by allowing Ambac to contribute to Ambac Assurance all
or any part of the proceeds of one or more issuances of equity or other securities by Ambac so long as such issuance shall have been consummated by Ambac on or before the date that is 75 days after March 3, 2008.
Item 9.01 Financial Statements and Exhibits
(c)
Exhibits.
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Exhibit
Number
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Item
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10.24
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Amendment No. 2 dated as of March 3, 2008, to the First Amended and Restated Revolving Credit Agreement dated as of July 30, 2007 (as amended by Amendment No.1 thereto) among Ambac Financial
Group, Inc., Ambac Assurance Corporation, as administrative agent, The Bank of New York and KeyBank, National Association, as co-syndication agents, HSBC Bank USA, N. A. and Wachovia Bank, National Association as co-documentation agents, Citigroup
Global Markets Inc. as the Sole Lead Arranger and Sole Book Runner, and Certain Commercial Lending Institutions.
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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.
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Ambac Financial Group, Inc.
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(Registrant)
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March 7, 2008
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By:
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/s/ Anne Gill Kelly
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Anne Gill Kelly
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Managing Director, Corporate Secretary and
Assistant General Counsel
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INDEX TO EXHIBITS
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Exhibit
Number
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Description of Exhibit
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10.24
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Amendment No.2, dated as of March 3, 2008 to the First Amended and Restated Revolving Credit Agreement dated as of July 30, 2007 (as amended by Amendment No.1 thereto) among Ambac Financial
Group, Inc., Ambac Assurance Corporation, as administrative agent, The Bank of New York and KeyBank, National Association, as co-syndication agents, HSBC Bank USA, N. A. and Wachovia Bank, National Association as co-documentation agents, Citigroup
Global Markets Inc. as the Sole Lead Arranger and Sole Book Runner, and Certain Commercial Lending Institutions.
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