Cleary Gottlieb represented Dexia in its sale of 21,848,934 common shares of Assured Guaranty through a U.S. registered secondary offering. The shares were sold to the public at $22.66 per share, resulting in net proceeds to Dexia of $485.2 million. The common shares of Assured Guaranty are listed on the New York Stock Exchange. The transaction priced on March 10 and closed on March 16.
Dexia is a European bank that focuses on retail and commercial banking in Europe and on public and wholesale banking, providing local public finance operators with comprehensive banking and financial solutions. Assured Guaranty is a Bermuda company providing credit protection products to the public finance, infrastructure and structured finance markets. Dexia acquired its stake in Assured Guaranty as part of the purchase price for Financial Security Assurance, which Dexia sold to Assured Guaranty on July 1, 2009.