By Marisa Wong
Los Angeles, Aug. 16 – Assured Guaranty US Holdings Inc. priced $350 million of 6.125% senior notes due Sept. 15, 2028 (Ba1/A/Kroll: A+) guaranteed by Assured Guaranty Ltd., according to an FWP filing with the Securities and Exchange Commission.
The notes priced on Wednesday at 99.462 to yield 6.249%, or with a spread of 185 basis points over Treasuries.
The notes will feature an optional make-whole call until one month prior to maturity, and then the notes will be callable at par.
BofA Securities, Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.
Proceeds will be used to redeem Assured Guaranty’s $330 million outstanding 5% senior notes due July 1, 2024.
Assured is a Hamilton, Bermuda, provider of credit enhancement for municipal finance, structured finance and mortgage markets.
| Issuer: | Assured Guaranty US Holdings Inc.
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| Guarantor: | Assured Guaranty Ltd.
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| Amount: | $350 million
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| Issue: | Senior notes
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| Maturity: | Sept. 15, 2028
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| Bookrunners: | BofA Securities, Inc. and Goldman Sachs & Co. LLC
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| Co-managers: | KeyBanc Capital Markets Inc. and Loop Capital Markets LLC
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Mayer Brown LLP (U.S. and New York); Conyers Dill & Pearman Ltd. (Bermuda)
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| Counsel to underwriters: | Willkie Farr & Gallagher LLP; Conyers, Dill & Pearman (Bermuda)
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| Coupon: | 6.125%
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| Price: | 99.462
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| Yield: | 6.249%
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| Spread: | Treasuries plus 185 bps
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| Call option: | Make-whole call at Treasuries plus 30 bps until Aug. 15, 2028, then par call
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| Trade date: | Aug. 16
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| Settlement date: | Aug. 21
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| Ratings: | Moody’s: Ba1
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| S&P: A
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| Kroll: A+
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| Distribution: | SEC registered
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| Cusip: | 04621WAF7
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