Eagle Re says $787 million of mortgage insurance-linked notes tendered

By Mary-Katherine Stinson

Lexington, Ky., July 3 – Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. reported that about $787 million principal amount from seven series of mortgage insurance-linked notes were tendered by the expiration of its any-and-all cash tender offer, according to a press release.

As previously reported, Eagle Re 2019-1 offered to buy notes from the EMIR 2019-1 series.

The results from each series were as follows:

• All $176.64 million original principal amount of series M-1B notes (Cusips: 269822AB8, G29017AB9) were tendered and accepted for purchase at $1,014.53 per note;

• All $235.52 million original principal amount of series M-2 notes (Cusips: 269822AC6, G29017AC7) were tendered and accepted for purchase at $1,039.69 per note; and

• All $42,822,000 original principal amount of series B-1 notes (Cusips: 269822AD4, G29017AD5) were tendered and accepted for purchase at $1,050.47 per note.

As previously reported, Eagle Re 2019-1 offered to buy notes from the EMIR 2019-1 series.

The results from each series were as follows:

• $62,137,000, or 46.65%, of the $133,196,000 original principal amount of series M-1B notes (Cusips: 26982LAB6, G2904LAB5) were tendered and accepted for purchase at $1,000.94 per note;

• All $88,797,000 original principal amount of series M-1C notes (Cusips: 26982LAC4, G2904LAC3) were tendered and accepted for purchase at $1,006.56 per note;

• All $157.86 million original principal amount of series M-2 notes (Cusips: 26982LAD2, G2904LAD1) were tendered and accepted for purchase at $1,005.94 per note; and

• $23,078,000, or 93.55%, of the $24,668,000 original principal amount of series B-1 notes (Cusips: 26982LAH3, G2904LAH2) were tendered and accepted for purchase at $1,010 per note.

Considerations are based on par of $1,000 notes. Interest will also be paid to the original settlement date.

The offer expired at 5 p.m. ET on June 30, which was also the withdrawal deadline.

There are guaranteed delivery procedures.

Settlement will take place on July 5, with the guaranteed delivery settlement date on July 6.

BofA Securities, Inc. is the dealer manager (980 387-3907, 888 292-0070).

Global Bondholder Services Corp. is the information agent (212 430-3774, 855 654-2014, https://www.gbsc-usa.com/eagle).

The special purpose insurer transactions come from Philadelphia-based Radian Guaranty Inc.

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