Assured Guaranty to sell $150 million convertible mandatories at 8%-8.5%, up 17.5%-22.5%

By Rebecca Melvin

New York, June 16 - Assured Guaranty Ltd. planned to price $150 million of convertible mandatories after the market close Thursday, which were talked to yield 8% to 8.5% with an initial conversion premium of 17.5% to 22.5%, according to a syndicate source.

The mandatories, with a price of $50 per unit, will mature June 1, 2012.

There is a greenshoe for an additional $22.5 million of convertibles.

Banc of America Securities LLC is the bookrunner for the registered offering.

Assured also plans to offer $400 million of common stock, with a greenshoe of $60 million of shares.

Assured is a Hamilton, Bermuda, provider of credit enhancement for municipal finance, structured finance and mortgage markets.

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