Ambac said it priced a $1.155 billion public offering of 171.1 million shares of common stock at $6.75 per share and granted the underwriters a 30-day option to purchase up to an additional 25.7 million shares to cover overallotments.
NEW YORK (Reuters) - Bond insurer Ambac Financial Group <ABK.N> said on Friday it has raised $1.5 billion of shares and convertibles in a bid to protect the company from ratings cuts.
Ambac said it priced a $1.155 billion public offering of 171.1 million shares of common stock at $6.75 per share and granted the underwriters a 30-day option to purchase up to an additional 25.7 million shares to cover overallotments.
Ambac also said it has priced its $250 million public offering of 5 million equity units, with a stated amount of $50 per unit.
(Reporting by Yinka Adegoke; Editing by Erica Billingham)
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