Ambac Guarantees First Public Private Partnership Transaction In Canada
24 Mars 2006 - 8:52PM
Business Wire
Ambac Assurance UK Limited announced today that it has guaranteed
50% of the CAN$928.5 million bank loan facilities used to finance
the Golden Ears Bridge Project in Vancouver, BC. The project, a new
bridge linking growing communities in Greater Vancouver, is being
built for The Greater Vancouver Transportation Authority, known as
TransLink. The transaction was negotiated and executed in London
and is the first monoline-wrapped public private partnership
("PPP") project in Canada. It is also the first wrapped bank loan
transaction in North America. Kate McDonough, Senior Managing
Director, co-head of U.S. Public Finance and head of Project
Finance North America, commented, "We are delighted to have been
involved with this important transaction and see this as leading to
future Canadian monoline-wrapped PPP deals and wrapped bank
solutions." Ian Dixon, Managing Director and head of Infrastructure
Finance in Ambac's London office, commented further, "This funding
structure offered the Public Sector ("Translink") with a "value for
money" solution similar to those seen regularly in the UK." Ambac
Financial Group, Inc., headquartered in New York City, is a holding
company whose affiliates provide financial guarantees and financial
services to clients in both the public and private sectors around
the world. Ambac's principal operating subsidiary, Ambac Assurance
Corporation, is a leading guarantor of municipal and structured
finance obligations. It has earned triple-A ratings, the highest
ratings available, from Moody's Investors Service, Inc., Standard
& Poor's Ratings Services, Fitch, Inc. and Rating and
Investment Information, Inc. Ambac Financial Group, Inc. common
stock is listed on the New York Stock Exchange (ticker symbol ABK).
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