HAMILTON, Bermuda, Aug. 12, 2016 /PRNewswire/ -- Syncora Holdings Ltd. ("SHL" or the "Company") and its wholly owned subsidiary, Syncora Holdings US Inc. ("SHI"), announced today that SHI completed its previously announced restructuring transactions, including the private exchange offers for Syncora Guarantee Inc.'s ("SGI") outstanding 6% Surplus Notes due 2024 and SGI's outstanding 5% Surplus Notes due 2011 (collectively, the "Existing SGI Surplus Notes") and variation of rights attached to SHL's outstanding Fixed/Floating Series A Perpetual Non-Cumulative Preference Shares, par value US$0.01. In addition, SGI made a cash payment of approximately $55 million to holders of the Existing SGI Surplus Notes (excluding those Existing SGI Surplus Notes held by SGI), its first payment since the Existing SGI Surplus Notes were issued in 2009.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. Syncora Holdings U.S. Inc. and Syncora Guarantee Inc. are wholly-owned subsidiaries of Syncora Holdings Ltd. For additional information, please visit www.syncora.com.
Syncora Holdings Ltd.
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements within the meaning of the U.S. federal securities laws. The Company cautions you that the forward-looking information presented in this press release are 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, Syncora Guarantee Inc.'s and Syncora Capital Assurance 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.
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SOURCE Syncora Holdings Ltd.