Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Ambac Financial Group — Q3 2021 Earnings Presentation
10 slides from Octave Specialty's earnings presentation, Nov 9, 2021
Slide 1: Puerto Rico Exposure, Plan Support Agreements and Plan of Adjustment References
PUERTO RICO EXPOSURE, PLAN SUPPORT AGREEMENTS AND PLAN OF ADJUSTMENT REFERENCES Third Quarter 2021 Ambac Financial Group One World Trade Center, 41st Floor, New York, NY 10007 All Rights Reserved | 800-221-1854 | www.ambac.com
Slide 2: Neither Ambac nor any of its employees, affiliates or representatives makes any representation or
Neither Ambac nor any of its employees, affiliates or representatives makes any representation or warranty, expressed or implied, as to the accuracy or completeness of any of the information contained in this overview, and the recipient of this overview expressly disclaims any and all liabilities re
Slide 3: Puerto Rico Exposure & Ratings Summary
PUERTO RICO EXPOSURE & RATINGS SUMMARY Ambac Puerto Rico Exposure (1) (1) (2) (5) (2) (5) as of September 30, 2021 ($ in millions) Gross Principal & Net Principal Range of Credit (6) Single Risk Gross Par Net Par Interest & Interest Maturity Class Rating General Fund Debt: PR Commonwealth GO $ 11.0
Slide 4: Plan Support Agreements, Commonwealth Plan of Adjustment, and PRIFA and CCDA Qualifying Modifications
PUERTO RICO PLAN SUPPORT AGREEMENTS, COMMONWEALTH PLAN OF ADJUSTMENT, AND PRIFA AND CCDA QUALIFYING MODIFICATIONS On July 27, 2021, Ambac executed a plan support agreement with the Oversight Board, as representative of the Commonwealth of Puerto Rico, and certain other creditors, to restructure Amba
Slide 5: Schedule of Net Debt Service on Insured Debt
SCHEDULE OF NET DEBT SERVICE(1) ON INSURED DEBT (AS OF SEPTEMBER 30, 2021) $150 $125 $100 ($ Millions) $75 $50 (2) (3) $25 $0 2022 2023 2024 2025 2026 2027 2028 2029 2030 Year of Payment (4) General Obligation Highway (2) (3) Hotel Occupancy Tax Rum Tax and General Obligation Guaranteed (1) Net of r
Slide 6: Puerto Rico Net Principal and Interest Amortization
PUERTO RICO NET PRINCIPAL AND INTEREST(1) AMORTIZATION AS OF SEPTEMBER 30, 2021 ($ IN MILLIONS) Net Principal and Interest Amortization of Ambac Insured Puerto Rico Exposures by Payment Date Senior Commonwealth Public Bldg - GO Senior Highway Transportation Hotel Occupancy Sales Tax (3) Payment Date
Slide 7: Puerto Rico Net Principal and Interest Amortization – Continued
PUERTO RICO NET PRINCIPAL AND INTEREST(1) AMORTIZATION – CONTINUED AS OF SEPTEMBER 30, 2021 ($ IN MILLIONS) Net Principal and Interest Amortization of Ambac Insured Puerto Rico Exposures by Payment Date Senior Commonwealth Public Bldg - GO Senior Highway Transportation Hotel Occupancy Sales Tax (3)
Slide 8: Forward Looking Statement
Forward Looking Statement In this presentation, we have included statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,”
Slide 9: About Ambac
About Ambac Ambac Financial Group, Inc. (“Ambac” or “AFG”), headquartered in New York City, is a financial services holding company. Ambac's subsidiaries include: Ambac Assurance Corporation and Ambac Assurance UK Limited, financial guarantee insurance companies currently in runoff; Everspan Indemni
Slide 10: Ambac Financial Group
Ambac Financial Group One World Trade Center, 41st Floor, New York, NY 10007 All Rights Reserved | 800-221-1854 | www.ambac.com
Ambac Financial Group — Q3 2021 Earnings Presentation on 6ix