Eagle Re entities offer to buy mortgage insurance-linked notes

Chicago, June 26 – Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. started any-and-all fixed-price cash tender offers for seven series of mortgage insurance-linked notes, according to a press release.

Eagle Re 2019-1 is offering to buy notes from the EMIR 2019-1 series at the following considerations:

• $176.64 million original principal amount of series M-1B notes (Cusips: 269822AB8, G29017AB9) for a consideration of $1,014.53 per note;

• $235.52 million original principal amount of series M-2 notes (Cusips: 269822AC6, G29017AC7) for a consideration of $1,039.69 per note; and

• $42,822,000 original principal amount of series B-1 notes (Cusips: 269822AD4, G29017AD5) for a consideration of $1,050.47 per note.

Eagle Re 2020-1 is offering to buy notes from the EMIR 2020-1 series for the following considerations:

• $133,196,000 original principal amount of series M-1B notes (Cusips: 26982LAB6, G2904LAB5) for a consideration of $1,000.94 per note;

• $88,797,000 original principal amount of series M-1C notes (Cusips: 26982LAC4, G2904LAC3) for a consideration of $1,006.56 per note;

• $157.86 million original principal amount of series M-2 notes (Cusips: 26982LAD2, G2904LAD1) for a consideration of $1,005.94 per note; and

• $24,668,000 original principal amount of series B-1 notes (Cusips: 26982LAH3, G2904LAH2) for a consideration of $1,010 per note.

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

The expiration time is 5 p.m. ET on June 30, 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 sole 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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