Ambac Assurance settles with Bank of America for $1.84B, will redeem $1.175B in notes

OCTAVE SPECIALTY GROUP INC

AAC receives $1.84B from BOA parties to dismiss RMBS lawsuits filed in NY state court.
AAC will redeem $1.175B Sitka AAC Note at 103% of principal plus accrued interest using settlement proceeds.
AAC will also redeem $240M of 8.5% Tier 2 Notes due 2055 from net proceeds of approximately $213M.
Settlement resolves multiple lawsuits against Countrywide, Merrill Lynch, and other BOA affiliates.
Sitka Holdings will redeem $1.175B senior secured notes due 2026 upon receipt of AAC repayment.

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