Assured Guaranty Guarantees €93.7 Million Loan to Metro de Madrid, S.A.

Proceeds to be Used to Partially Fund the Acquisition of 80 New Trains

PARIS--(BUSINESS WIRE)--Assured Guaranty (Europe) SA (AGE)*, an indirect subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), announced that it has guaranteed principal and interest payments on a €93.7 million loan to Metro de Madrid, S.A. (the Borrower) on 27 December.

This financing represents AGE’s first transaction with the Borrower. The 20-year, floating-rate loan guaranteed by AGE was provided by Bankinter, S.A.

The proceeds will be used to partially fund the acquisition of 40 new narrow gauge and 40 new wide gauge trains that will replace the rolling stock used on lines 1, 6 and 8 of the Madrid underground network.

Raphael de Tapol, Directeur Général of AGE, commented:

“We are very pleased to have closed this transaction for Metro de Madrid, which shows the value of our financial guarantee for borrowers looking to issue long term debt more cost-effectively. It is a key milestone in our strategy to strengthen our presence in a wide range of sectors within the European market.”

Raul Serrano, Director, Infrastructure Finance of AGE, commented:

“After successfully providing credit protection to various banks in the secondary market in recent years, the closing of this transaction alongside Bankinter marks the first time since the global financial crisis that we have executed a primary market deal with a bank as beneficiary of our financial guarantee. We believe we will have similar opportunities in 2024, across various sectors, as more and more financial institutions are actively looking for ways to manage their portfolio exposure and lend in a more capital-efficient way.”

Domiciled in Paris, AGE conducts Assured Guaranty’s financial guarantee business in continental Europe. AGE is rated AA by S&P Global Ratings and AA+ by Kroll Bond Rating Agency.

AGE’s legal adviser on the transaction were Linklaters LLP in London and Madrid.

IMPORTANT NOTICE

All of the securities have been sold, and 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.

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*ASSURED GUARANTY (EUROPE) SA (AGE) is a public limited company with capital of €110,900,000 registered in the Paris Trade and Companies Register under number 852 597 384, whose registered office is located at 71, rue du Faubourg Saint-Honoré - 75008 Paris, and is governed by the French Insurance Code.

AGE 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 related entities. 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 AGL’s current views with respect to future events and are made pursuant to the safe harbour 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, those difficulties executing Assured Guaranty’s business strategy; the demand for Assured Guaranty’s financial guarantees; adverse developments in Assured Guaranty’s guaranteed portfolio; actions that the rating agencies may take at any time with respect to any of AGL’s insurance subsidiaries’ financial strength ratings, and/or of any securities AGL or any of its subsidiaries have issued and/or of transactions that AGL’s insurance subsidiaries have insured; other risks and uncertainties that have not been identified at this time; management’s response to these factors; and other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of January 8, 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.