Ambac Financial Group Inc. yesterday announced a $1.5 billion offering of common stock and equity units in an effort to shore up its capital reserves and preserve the rating of its financial guarantor, Ambac Assurance Corp.

The stock offering is expected to net the company $1 billion, while the equity unit offering for each $50 unit is expected to raise $500 million. The offerings are being underwritten by Credit Suisse Securities LLC, Citigroup Inc., UBS Securities LLC, Banc of America Securities LLC, Keefe, Bruyette & Woods Inc., BNY Capital Markets, and KeyBanc Capital Markets.

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