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Syncora Announces NYDFS Approval of $27.5mm Payment to Third-Party Holders of Long-Term and Short-Term Surplus Notes

06/20/17

HAMILTON, Bermuda, June 20, 2017 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora” or the “Company”) today announced that the New York State Department of Financial Services has approved payment on the Syncora Guarantee Inc. (“SGI”) Long-Term Surplus Notes (the “Long-Term Surplus Notes”) and Short-Term Surplus Notes (“Short-Term Surplus Notes” and, together with the Long-Term Surplus Notes, the “Surplus Notes”) in the amounts set forth below:

  Accrued and
Unpaid Interest
Principal Total
Total Payment to Long-Term Surplus Notes held by Third Parties $21,713,018 $0 $21,713,018
Total Payment to Short-Term Surplus Notes held by Third Parties $1,505,335   $4,281,647 $5,786,982
Total $23,218,353 $4,281,647   $27,500,000

As required by the terms of the Surplus Notes, the Company has provided notice that the Record Date for such payment has been set as July 12, 2017, and further notice that the Payment Date with respect to the payment set forth above is July 24, 2017.

About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: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.

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Syncora Holdings Ltd.