Ambac Financial Group Inc. has announced an amendment to its existing credit agreement, extending the maturity date for the loans under the agreement to the earlier of December 31, 2025, or three months after the termination of a related stock purchase agreement. As part of this amendment, Ambac is required to repay $10 million of the principal amount of outstanding loans by October 31, 2025, and pay a duration fee of 1% of the outstanding loans by November 3, 2025. Additionally, the company and its subsidiary, Cirrata Group, must maintain a minimum unrestricted cash balance of $30 million. An extension fee of 1% of the aggregate principal amount of loans was also paid to the lenders.
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