by Calculated Risk on 3/05/2008 01:34:00 PM

Ambac has filed with the SEC to sell common stock and equity units.

Here is the press release: Ambac Financial Group, Inc. Announces Commencement of Simultaneous Common Stock and Equity Unit Offerings

Ambac Financial Group, Inc. (NYSE:ABK - News) (Ambac) today announced that it has commenced a public offering for at least $1 billion worth of shares of its common stock, par value $0.01 per share ("Common Stock"). Ambac has also granted the underwriters in that public offering a 30-day option to purchase from Ambac additional shares of Common Stock to cover over-allotments, if any.

In addition, Ambac announced that it has concurrently commenced a public offering of Equity Units, with a stated amount of $50 per unit for a total stated amount of $500 million. Ambac has also granted the underwriters a 30-day option to purchase additional Equity Units to cover over-allotments, if any.