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Ambac to redeem $26.44 million of Potomac money market securities
By Toni Weeks
San Diego, Jan. 26 - Ambac Assurance Corp. said that it will fully redeem Potomac Trust Capital IX series 2004 and Potomac Trust Capital X series 2004 securities in February, according to a news release.
On Feb. 18, the following securities will be redeemed at par: $14.9 million Capital IX series 2004 class A Money Market Security due Jan. 31, 2025 (Cusip: 73771VAA3), $870,000 Capital IX series 2004 class B Money Market Security due Jan. 31, 2025 (Cusip: 73771VAB1), $9.8 million Capital X series 2004 class A Money Market Security due Jan. 31, 2025 (Cusip: 73771WAA1) and $870,000 Capital X series 2004 class B Money Market Security due 1/31/2025 (Cusip: 73771WAB9).
The paying agent is U.S. Bank, St. Paul office (800 934-6802).
Ambac Assurance's parent, Ambac Financial Group, Inc., is a New York-based company that provides financial guarantee insurance for public and structured finance obligations. The company filed for bankruptcy on Nov. 8 in the U.S. Bankruptcy Court for the Southern District of New York, and its Chapter 11 case number is 10-15973.
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