Assured Guaranty Ltd. on Friday said it completed its sale of 27.5 million common shares for $20.90 apiece.
The Bermuda-based bond insurer said the net proceeds of the sale totaled about $574 million. It intends to use the funds to meet credit rating agency requirements to maintain AA ratings from Moody's Investors Services.
Assured Guaranty said it will not execute a previously arranged reinsurance agreement outlined after a Moody's downgrade in November, because of the size of the offering. It had expected to generate $300 million in its effort to meet ratings agency requirements.
In afternoon trading, Assured Guaranty shares slipped 24 cents to $21.65.