{"schema_version":"secwatch.filing_event.v1","accession":"0000874501-23-000002","form_type":"8-K","ticker":"OSG","cik":"0000874501","company_name":"OCTAVE SPECIALTY GROUP INC","filed_at":"2023-01-03T23:59:59+00:00","discovered_at":"2026-05-14T18:03:48.336262+00:00","generated_at":"2026-06-20T21:09:33.049478+00:00","sec_items":["1.01","2.04"],"event_type":"other_material","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Ambac settles Nomura RMBS lawsuit for $140M; to fully redeem Tier 2 Notes","bullets":["Settled 2013 RMBS litigation with Nomura; Nomura pays $140M cash, mutual release of claims.","AAC previously applied $213M from Bank of America settlement in Oct 2022 to partially redeem Tier 2 Notes.","Plans to use $140M from Nomura plus ~$5M to fully redeem remaining 8.5% Tier 2 Notes (~$145M including accrued interest).","Full redemption completes paydown of the $240M original principal Tier 2 Notes issued in 2018."],"urls":{"canonical":"https://secwatch.observer/filing/0000874501-23-000002","json":"https://secwatch.observer/filing/0000874501-23-000002.json","markdown":"https://secwatch.observer/filing/0000874501-23-000002.md","text":"https://secwatch.observer/filing/0000874501-23-000002.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/874501/000087450123000002/0000874501-23-000002-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/874501/000087450123000002/ambc-20221229.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-20T21:09:33.049478+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"bcc223b4c27297ef4425c84d71193d8ba4b97468","claim":"OCTAVE SPECIALTY GROUP INC faced acceleration on senior notes of $240 million aggregate principal amount at 8.5% maturing due 2055.","evidence_excerpt":"On February 12, 2018, AAC issued $240 million aggregate principal amount of 8.5% Senior PIK Notes due 2055 (the “Tier 2 Notes”) under an Indenture, dated as of February 12, 2018, by and between AAC and The Bank of New York Mellon, as trustee and as note collateral agent. The Tier 2 Notes are secured by proceeds from RMBS litigations net of reinsurance (“Net Proceeds”) in excess of $1.6 billion and are subject to mandatory redemption from Net Proceeds in excess of $1.6 billion within five business days after the receipt of such Net Proceeds. Effective October 29, 2022 AAC applied Net Proceeds of approximately $213 million (two hundred thirteen million dollars) from the Settlement Agreement and Release with Bank of America Corporation and certain affiliates thereof to redeem Tier 2 Notes plus accrued and unpaid interest as of the date of redemption. AAC plans to apply the Net Proceeds of $140 million (one hundred forty million dollars) from the Settlement Agreement with Nomura plus appro","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/874501/000087450123000002/0000874501-23-000002-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$240 million aggregate principal amount"},{"label":"Rate","value":"8.5%"},{"label":"Maturity","value":"due 2055"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"2428b4302af6b492eb4cbd6c8503520bd713cb5f","claim":"OCTAVE SPECIALTY GROUP INC entered into Settlement Agreement with Nomura Credit & Capital, Inc. valued at $140 million (effective 2022-12-29).","evidence_excerpt":"On December 29, 2022, Ambac Assurance Corporation (\"AAC\") entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Nomura Credit & Capital, Inc. (“Nomura”) to settle its litigation against Nomura (Supreme Court of the State of New York, County of New York, Case No. 651359/2013, filed on April 15, 2013) concerning certain residential mortgage-backed securities (“RMBS”) trusts (the “Trusts”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/874501/000087450123000002/0000874501-23-000002-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"settlement"},{"label":"Counterparty","value":"Nomura Credit & Capital, Inc."},{"label":"Value","value":"$140 million"},{"label":"Effective","value":"2022-12-29"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}