Ambac Financial Group, Inc. announced offering of its LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026. The proceeds from this offering were used to fund a portion of the redemption in full of the Ambac LSNI, LLC LIBOR plus 5.00% Insured Secured Notes due 2023 and the secured note issued by Ambac Assurance Corporation (AAC) concurrent with the issuance of the Ambac LSNI Notes. The offering of the Senior Secured Notes was conducted in light of favorable market conditions and to effectively extend the maturity of the Ambac LSNI Notes by approximately three years. While Ambac expects to resolve the remaining litigations brought by AAC to recover losses on insured residential mortgage-backed securities well in advance of the maturity of the Senior Secured Notes, Ambac believes that an extended maturity date will provide increased financial flexibility during the pendency of such litigations. The Senior Secured Notes were offered in a private offering exempt from the registration requirements of the U.S. Securities Act of 1933, as amended. The Senior Secured Notes were offered only to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A under the Securities Act that are also qualified purchasers within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended, and to non-U.S. persons outside of the United States in compliance with Regulation S under the Securities Act. The Senior Secured Notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.