Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Ambac Financial Group — Q4 2021 Earnings Presentation
11 slides from Octave Specialty's earnings presentation, Feb 25, 2022
Slide 1: Puerto Rico Exposure, Plan Support Agreements and Plan of Adjustment References
PUERTO RICO EXPOSURE, PLAN SUPPORT AGREEMENTS AND PLAN OF ADJUSTMENT REFERENCES Fourth 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: Disclaimer
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) (3) (2) (3) as of December 31, 2021 ($ in millions) Gross Principal & Net Principal Range of Credit (4) Single Risk Gross Par Net Par Interest & Interest Maturity Class Rating PR Infrastructure Financing Special Tax Revenu
Slide 4: Puerto Rico 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: Plan Support Agreements, Commonwealth Plan of Adjustment, and PRIFA and CCDA Qualifying Modifications (links)
PUERTO RICO PLAN SUPPORT AGREEMENTS, COMMONWEALTH PLAN OF ADJUSTMENT, AND PRIFA AND CCDA QUALIFYING MODIFICATIONS The confirmed Commonwealth Plan of Adjustment, the approved Qualifying Modifications for PRIFA and CCDA, and certain related documents can be found at the following links: Commonwealth/P
Slide 6: Schedule of Net Debt Service on Insured Debt
SCHEDULE OF NET DEBT SERVICE(1) ON INSURED DEBT (AS OF DECEMBER 31, 2021) $150 $125 $100 ($ Millions) $75 $50 (2) (3) $25 $0 2022 2023 2024 2025 2026 2027 2028 2029 2030 Year of Payment (4) General Obligation Highway (2) (3) Hotel Occupancy Tax Rum Tax and General Obligation Guaranteed (1) Net of re
Slide 7: Puerto Rico Net Principal and Interest Amortization
PUERTO RICO NET PRINCIPAL AND INTEREST(1) AMORTIZATION AS OF DECEMBER 31, 2021 ($ 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 (2) Payment Date
Slide 8: Puerto Rico Net Principal and Interest Amortization – Continued
PUERTO RICO NET PRINCIPAL AND INTEREST(1) AMORTIZATION – CONTINUED AS OF DECEMBER 31, 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 (2) P
Slide 9: 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 10: About Ambac
About Ambac Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform with a legacy financial guaranty business in run off. Ambac’s common stock trades
Slide 11: 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
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