In a projected move to augment its finances for the acquisition of US insurer Financial Security Assurance Holdings Ltd (FSAH), Assured Guaranty Ltd. has announced a public offering of $400 million of its common shares and nearly $150 million of its equity units.

Last year in November, Assured had agreed to '$361 million in cash and up to 44.6 million in Assured common shares' take over of FSAH from a subsidiary of Belgian-French financial group Dexia. The Dexia-Assured sale deal will reportedly come through on July 1.

With regard to its recently-announced public offering, Assured - the Bermuda-based provider of credit-enhancement products - said it would offer 3 million equity units for an initial amount of $50 each or $150 million in the aggregate; and would be granting the underwriters a 30-day opportunity pertaining to the purchase of up to $60 million additional common shares.

With regard to the terms of the purchase contract, which is subject to market and other conditions, it would be obligatory for the holders to purchase Assured common shares no later than June 1, 2012.

While Assured's common-shares offering has Merrill Lynch & Co and Deutsche Bank Securities Inc as its joint book-running managers; the equity-units offering has Merrill Lynch as the exclusive book-running manager.