Part of a $2.219 Billion Debt-Refinancing Package

Assured Guaranty Municipal Corp. (AGM)* insured $1.134 billion of senior revenue bonds, Brightline Trains Florida LLC Issue, Series 2024 (Tax-Exempt), issued by the Florida Development Finance Corporation on May 9. The bonds insured by AGM are part of a $2.219 billion issue of fixed-rate revenue bonds that priced on April 25.

By insuring a majority of the senior bonds, Assured Guaranty’s participation helped drive a highly successful execution by Morgan Stanley in placing this debt,” said Lorne Potash, Managing Director, Infrastructure Finance, Americas. “Brightline is the first private sector passenger rail system built in the U.S. in over a century and this transaction further demonstrates the value investors place on Assured Guaranty’s extensive due diligence and financial guaranty as it insured $1.134 billion of senior debt.”

“Assured Guaranty has unrivaled capacity and transaction experience to guarantee municipal bonds and infrastructure financings,” said Sam Nakhleh, Director, Infrastructure Finance, Americas. “We were pleased to help bring this important transaction to market.”

The bonds will be fully amortizing after an initial interest only period. AGM insured term bonds of: $326,500,000 due in 2044, $213,180,000 due in 2047 and $593,910,000 due in 2053. The total insured par was $1,133,590,000 out of a total issuance of $2,219,280,000.

Morgan Stanley served as sole book-running manager for the transaction. Hogan Lovells served as AGM’s legal counsel.

IMPORTANT NOTICE

All of the securities having been sold, this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States.

*AGM is a subsidiary of Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty). Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates. AGL is a publicly traded (NYSE: AGO) Bermuda-based holding company. More information on AGL and its subsidiaries can be found at AssuredGuaranty.com.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; the demand for Assured Guaranty’s financial guarantees; actions that the rating agencies may take with respect to Assured Guaranty’s financial strength ratings; adverse developments in Assured Guaranty’s guaranteed portfolio; other risks and uncertainties that have not been identified at this time; management’s response to these factors; and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of May 13, 2024. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240513108676/en/