Ambac Financial Group, Inc. (ABK) said Thursday that it has entered into a series of debt for equity exchanges with certain holders of Ambac's 9?% debentures, due August 2011.
Under the terms of the exchange agreements, the company issued, or will issue, about 5.04 million shares of its common stock in exchange for $8.5 million in aggregate principal amount of debt to the bondholders.
Following the issuance of the shares there will be about 293.42 million shares outstanding.
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