Ambac Guarantees First Bond For a UK Football Stadium
27 Juillet 2006 - 5:23PM
Business Wire
Ambac Assurance UK Limited announced today that it has guaranteed
100% of the 25-year GBP 260 million public bond issued by Arsenal
Securities Plc with the proceeds being used to refinance the
Emirates Stadium. The Emirates Stadium is a new, state-of-the-art,
60,000 seat arena in North London and will be the new home of The
Arsenal Football Club Plc. This is the first insured bond issue for
a football club in Europe and is secured by the ticket revenue
streams achieved by the stadium. Ian Dixon, Managing Director and
head of infrastructure finance in Ambac's London office commented,
"Ambac is delighted to be involved with this prestigious project
and especially happy to have been able to use our U.S. stadium
financing experience to help Arsenal Football Club achieve longer
term financing." Keith Edelman, Managing Director of The Arsenal
Football Club Plc commented, "The Emirates Stadium is hugely
important to the Arsenal's future and this funding structure offers
a solid financing base to compliment the Club's objectives." 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 Assurance UK Limited is a
wholly-owned subsidiary of Ambac Assurance Corporation. Ambac
Financial Group, Inc. common stock is listed on the New York Stock
Exchange (ticker symbol ABK). Ambac Assurance UK Limited is
authorized and regulated by the Financial Services Authority.
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