Assured Guaranty announced that it has given a waiver to WL Ross & Co. to purchase up to $5 million additional common shares in open market transactions.
The timing and amount of any purchases will be determined by WL Ross.
"We appreciate the continued support of WL Ross as it reflects confidence in the long term prospects of Assured and also recognizes the significant value in our stock and Company through these turbulent times, Dominic Frederico, president and chief executive officer of Assured, said in a release today.
If the WL Ross Funds decides to purchase any of these additional shares, they will be purchased from current shareholders and as a result, will not cause an increase in shareholders equity at Assured or its subsidiaries, the company said.
If all $5 million additional shares are purchased, the WL Ross Funds will beneficially own 17,166,396 shares or roughly 18.9% of Assureds outstanding common shares based on shares outstanding as of June 30.
