Assured Guaranty Guarantees €200 Million of Debt as part of the Refinancing of France’s A28 Toll Road

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 €200 million of debt instruments for Autoroute de Liaison Seine-Sarthe Corporate (“ALiS”), an entity owned by a consortium of financial sponsors including Aberdeen, CVC, PGGM and Vauban (the “Sponsors”).

The €200 million of debt guaranteed by AGE is comprised of a 30-year amortising floating-rate loan provided by four Spanish banks, including Bankinter S.A., Kutxabank, BCC-Grupo Cajamar and Abanca; and a 35-year amortising fixed-rate note provided by a single UK institutional investor.

The guaranteed debt tranches were part of a larger financing raised by the Sponsors to refinance the A28 toll road in northwestern France, which commenced operations in 2006.

In addition to guaranteeing the loan and note, AGE also issued a €55.5 million debt service reserve guarantee covering six months of debt service on ALiS's entire debt.

Raphael de Tapol, Directeur Général of AGE, commented:

“This transaction further demonstrates the value of our guarantee for major infrastructure sponsors seeking to secure cost-effective long-term financing for essential infrastructure projects. We are pleased to have partnered with both banks and institutional investors to deliver a competitive all-in cost of debt as part of the wider refinancing of this essential transport axis in the European road network.”

Yannick Kouam, Director, Infrastructure Finance at AGE, commented:

“This transaction highlights the increasing demand from both banks and institutional investors for our financial guarantee. By leveraging AGE's AA S&P rating, lenders benefitted from significant regulatory capital relief, which enabled them to offer very long-term financing at highly competitive pricing for this project.”

Domiciled in Paris, AGE is 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.

A&O Shearman acted as AGE’s legal adviser on the transaction.

Rothschild & Co. acted as financial adviser to ALiS.

Bankinter, S.A., Société Générale and Crédit Agricole Corporate and Investment Bank acted as mandated lead arrangers in the transaction.

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.

*AGE is an insurance company registered in the Paris Trade and Companies Register (company number 852 597 384), authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), and 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 certain of its investment management affiliates, and in the annuity reinsurance business through Assured Life Reinsurance Ltd. 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, 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 August 12, 2026. 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.