Ambac extends Oaktree deal timeline as regulatory review nears completion
By Mia MacGregor
June 16 - (The Insurer) - Ambac Financial Group remains actively engaged with Oaktree Capital Management L.P. over the sale of Ambac Assurance Corporation and Ambac Assurance UK Limited, with the completion date for the deal having been pushed back.
To ensure financial flexibility during this transitional period, Ambac said that it has amended its $150 million credit facility with UBS, extending its maturity date to December 31, 2025.
In a statement issued after the markets closed on Monday evening, Ambac said the regulatory review process regarding the sale is nearing completion with a hearing expected to take place in the third quarter.
“Although the transaction has exceeded the anticipated timelines, we remain actively engaged with Oaktree in efforts to close the transaction as soon as possible,” said Claude LeBlanc, president and CEO of Ambac.
In April, Ambac announced that it had satisfied all required pre-closing conditions for the sale and extended the deal timeline by three months, pending final regulatory approval.
The sale was approved by Ambac's shareholders in October 2024.
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