Assured Guaranty Guarantees €93.7 Million Loan to Metro de Madrid, S.A.
08 Janvier 2024 - 7:00AM
Business Wire
Proceeds to be Used to Partially Fund the
Acquisition of 80 New Trains
Assured Guaranty (Europe) SA (AGE)*, an indirect subsidiary of
Assured Guaranty Ltd. (together with its subsidiaries, Assured
Guaranty), announced that it has guaranteed principal and interest
payments on a €93.7 million loan to Metro de Madrid, S.A. (the
Borrower) on 27 December.
This financing represents AGE’s first transaction with the
Borrower. The 20-year, floating-rate loan guaranteed by AGE was
provided by Bankinter, S.A.
The proceeds will be used to partially fund the acquisition of
40 new narrow gauge and 40 new wide gauge trains that will replace
the rolling stock used on lines 1, 6 and 8 of the Madrid
underground network.
Raphael de Tapol, Directeur Général of AGE, commented:
“We are very pleased to have closed this transaction for Metro
de Madrid, which shows the value of our financial guarantee for
borrowers looking to issue long term debt more cost-effectively. It
is a key milestone in our strategy to strengthen our presence in a
wide range of sectors within the European market.”
Raul Serrano, Director, Infrastructure Finance of AGE,
commented:
“After successfully providing credit protection to various banks
in the secondary market in recent years, the closing of this
transaction alongside Bankinter marks the first time since the
global financial crisis that we have executed a primary market deal
with a bank as beneficiary of our financial guarantee. We believe
we will have similar opportunities in 2024, across various sectors,
as more and more financial institutions are actively looking for
ways to manage their portfolio exposure and lend in a more
capital-efficient way.”
Domiciled in Paris, AGE conducts Assured Guaranty’s financial
guarantee business in continental Europe. AGE is rated AA by
S&P Global Ratings and AA+ by Kroll Bond Rating Agency.
AGE’s legal adviser on the transaction were Linklaters LLP in
London and Madrid.
IMPORTANT NOTICE
All of the securities have been sold, and this announcement
is for information purposes only. This announcement does not
constitute an offer to sell or the solicitation of an offer to buy
any securities.
The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended ("Securities Act"), or with any securities regulatory
authority of any state or jurisdiction of the United States, and
may not be offered, sold or transferred, directly or indirectly, in
the United States absent registration under the Securities Act or
an available exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and the
securities laws of any state or other jurisdiction of the United
States.
-Ends-
*ASSURED GUARANTY (EUROPE) SA (AGE) is a public limited company
with capital of €110,900,000 registered in the Paris Trade and
Companies Register under number 852 597 384, whose registered
office is located at 71, rue du Faubourg Saint-Honoré - 75008
Paris, and is governed by the French Insurance Code.
AGE is a subsidiary of Assured Guaranty Ltd. (AGL and, together
with its subsidiaries, Assured Guaranty). Through its subsidiaries,
Assured Guaranty provides credit enhancement products to the U.S.
and non-U.S. public finance, infrastructure and structured finance
markets. Assured Guaranty also participates in the asset management
business through its ownership interest in Sound Point Capital
Management, LP and related entities. AGL is a publicly traded
(NYSE: AGO), Bermuda-based holding company. More information on AGL
and its subsidiaries can be found at: AssuredGuaranty.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Any forward-looking statements made in this press release
reflect AGL’s current views with respect to future events and are
made pursuant to the safe harbour provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve
risks and uncertainties that may cause actual results to differ
materially from those set forth in these statements. These risks
and uncertainties include, but are not limited to, those
difficulties executing Assured Guaranty’s business strategy; the
demand for Assured Guaranty’s financial guarantees; adverse
developments in Assured Guaranty’s guaranteed portfolio; actions
that the rating agencies may take at any time with respect to any
of AGL’s insurance subsidiaries’ financial strength ratings, and/or
of any securities AGL or any of its subsidiaries have issued and/or
of transactions that AGL’s insurance subsidiaries have insured;
other risks and uncertainties that have not been identified at this
time; management’s response to these factors; and other risk
factors identified in AGL’s filings with the U.S. Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which are made as of
January 8, 2024. Assured Guaranty undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240107941111/en/
Investor Relations: Robert Tucker, +1 212-339-0861 Senior
Managing Director, Investor Relations and Corporate Communications
rtucker@agltd.com
Media: Ashweeta Durani, +1 212-408-6042 Vice President,
Corporate Communications adurani@agltd.com
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