Ambac Financial Group Inc said on Friday it sold $1.5 billion of shares and convertible debt, helping to protect the bond insurer from rating downgrades but not satisfying some analysts who wanted it to raise more. Ambac said it sold $1.25 billion of common shares at $6.75 a share, or 9 percent below their closing price on Thursday.
The stock offering nearly tripled the number of Ambac shares outstanding.