Ambac issues shares in exchange for $11.81 million 9 3/8% debentures

By Jennifer Chiou

New York, June 30 - Ambac Financial Group, Inc. entered into additional debt-for-equity exchanges in which it issued shares for a total of $11.81 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 8,602,414 common shares in exchange for the notes after having entered into agreements on June 25 and June 28.

Earlier this month, the company issued 4,810,355 shares in exchange for $8,112,000 of the debentures, and it issued 225,713 additional shares for another $388,000 of the securities in transactions completed on June 11.

The company said it has now issued 13,638,482 shares in exchange for $20.3 million of the debentures.

Ambac is a New York-based company that provides financial guarantee insurance for public and structured finance obligations.

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