Ambac Financial Group’s $1.175 Billion Senior Notes Offering

Debevoise & Plimpton LLP has advised Ambac Financial Group on the deal.

Ambac Financial Group, Inc. announced the issuance and sale by its newly formed special purpose entity, Sitka Holdings, LLC, of its $1.175 billion aggregate principal amount of LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026. The proceeds were used to partially fund, together with available liquidity, the redemption in full of the outstanding LIBOR plus 5.00% Insured Secured Notes due 2023 of Ambac LSNI, LLC, a subsidiary of Ambac. 

Ambac Financial Group is a financial services holding company headquartered in New York City.

The Debevoise team was led by capital markets partner Steven Slutzky (Picture) and included partner Eric Juergens and associates Devon Klein, Jongmin Char, Carly Hill and David Wayne, finance partner Alan Davies and associates Robert Gucwa and Anna Jones, and tax partner Rafael Kariyev, counsel Samuel Duncan and associate Erasmo Perez.

Involved fees earner: Jongmin Char – Debevoise & Plimpton; Alan Davies – Debevoise & Plimpton; Samuel Duncan – Debevoise & Plimpton; Robert Gucwa – Debevoise & Plimpton; Carly Hill – Debevoise & Plimpton; Anna Jones – Debevoise & Plimpton; Eric Juergens – Debevoise & Plimpton; Rafael Kariyev – Debevoise & Plimpton; Devon Klein – Debevoise & Plimpton; Erasmo Perez – Debevoise & Plimpton; Steven Slutzky – Debevoise & Plimpton; David Wayne – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Ambac Financial Group, Inc.;

Martina Bellini

Author: Martina Bellini