Assured Guaranty UK Ltd in deal with ports owner in Britain
Assured Guaranty UK Ltd has broadened its debt service guarantee business after striking a deal with Britain’s leading port owner.
The company, a subsidiary of Bermudian-based Assured Guaranty Ltd, announced that it had issued five-year debt service reserve guarantees for the benefit of ABP Acquisitions UK Ltd and ABP Finance Plc of the Associated British Ports Group.
The £140 million ($177.5 million) DSR guarantees, issued by Assured Guaranty UK, replace equivalent existing liquidity facilities provided by relationship banks.
Ashish Anand, managing director, AGUK, said: “We are extremely pleased to announce this landmark transaction with the UK’s leading port owner.
“We welcome the fact that ABP has recognised the advantages of diversifying its capital base, freeing up its bank lines and securing a commitment for the next five years with debt service reserve guarantees from Assured Guaranty.”
Dominic Nathan, chief executive, AGUK, added: “The closing of this transaction marks a broadening of our debt service guarantee provisioning to key infrastructure corporate clients.
“ABP provides vital infrastructure and services to the UK and plays a significant role in the UK’s trading economy. We believe similar opportunities exist in the wider infrastructure market and we look forward to continuing to widen our client base.”
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