Syncora Announces Purchase of Syncora Guarantee Inc. Series B Preferred Securities as Part of its Continued Strategic Efforts

Loading...
Loading...

HAMILTON, Bermuda, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. ("Syncora" or the "Company") today announced that its wholly owned, New York financial guarantee insurance subsidiary, Syncora Guarantee Inc. ("SGI") had made a one-time purchase from third parties of $76.4 million of aggregate face amount of Pass-Through Trust Preferred Securities issued by the Twin Reefs Pass-Through Trust for $64.9 million, leaving outstanding $58.1 million of aggregate face amount of Twin Reefs Securities held by third parties.  The Twin Reefs Securities purchased correspond to 764 shares of SGI's Series B preferred shares.

"We are pleased to have been able to enter into an agreement to purchase these Twin Reefs securities at a discount as part of our continued efforts to create value for our shareholders and to simplify our capital structure," commented Frederick B. Hnat, the President and Chief Executive Officer of Syncora.

About Syncora Holdings Ltd.
Syncora Holdings Ltd. SYCRF is a Bermuda-domiciled holding company.  Syncora Guarantee Inc. is a wholly-owned subsidiary of Syncora Holdings Ltd.  For additional information, please visit www.syncora.com.

Contacts
Scott Beinhacker
Syncora Holdings Ltd.
(212) 478-3400
investorrelations@scafg.com

Important Information and Forward Looking Statements
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements.  We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release.  In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology.  Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to, the factors described in the Company's historical filings with the NYDFS, and in the Company's and Syncora Guarantee Inc.'s GAAP and statutory financial statements, as applicable, posted on its website at www.syncora.com.  Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.

Loading...
Loading...
Posted In: Press Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...