ACA Capital Holdings, which provides financial guaranty insurance and asset management for credit derivatives, priced 6.9 million shares at $13 on Thursday. In addition to pricing below its proposed $15-$17 range, the New York-based company was forced to cut the size of the offering by 36%. Credit Suisse, JP Morgan and Bear Stearns worked as the joint book running managers on the deal. The stock is expected to begin trading on the New York Stock Exchange on Friday under the ticker ACA.
