Syncora Holdings Ltd. Announces Closing of Transactions With XL Capital Ltd and Merrill Lynch & Co., Inc.
August 05 2008 - 6:11PM
PR Newswire (US)
Company to Hold Second Quarter 2008 Investor Call on August 12,
2008 HAMILTON, Bermuda, Aug. 5 /PRNewswire-FirstCall/ -- Syncora
Holdings Ltd. (formerly known as Security Capital Assurance Ltd.)
(NYSE:SCA) ("Syncora Holdings" or "the Company") reported today
that the previously announced transactions with XL Capital Ltd ("XL
Capital") pursuant to the Master Commutation, Release and
Restructuring Agreement of July 28, 2008 and the related
transactions intended to close concurrently with the XL transaction
have closed today. The Company also reported that the previously
announced transaction with Merrill Lynch & Co., Inc. pursuant
to the agreement with Merrill Lynch dated July 28, 2008 also closed
today. In addition, the waivers and related transactions under the
Company's Credit Agreement Amendment with its lenders, described in
the Company's press release of July 28, 2008, went into effect
today. In conjunction with the closing of the transaction with XL
Capital and as contemplated by the Master Transaction Agreement,
the following members of Syncora Holdings' Board of Directors have
resigned: Fred Corrado, Paul E. Hellmers, Gardner L. Grant, Jr.,
and Jonathan F. Bank. Second Quarter Results Announcement and
Investor Conference Call Separately, the Company announced that it
will release its second quarter 2008 results after the close of
regular stock market hours on Monday, August 11, 2008. Paul S.
Giordano, President and Chief Executive Officer, Syncora Holdings;
Edward B. Hubbard, Executive Vice President, Syncora Holdings and
President of Syncora Guarantee Inc.; and Elizabeth A. Keys, Senior
Vice President and Chief Financial Officer, Syncora Holdings, will
host an earnings conference call to discuss Syncora Holdings'
second quarter 2008 results on Tuesday, August 12, 2008 at 8:30 am
Eastern Daylight Time (EDT). To access the conference call, please
dial +1 888-694-4702 (U.S.) or +1 973-582-2741 (International).
Please ask to be connected to "Syncora Holdings' Q2 2008 Investors
Call" and provide the following passcode: 56950360. Syncora
Holdings will also broadcast a live audio webcast of the conference
call. The webcast will be available by visiting the "Investor
Relations" section of the Company's website located at
http://www.syncora.com/. Following the investors conference call,
an archive of the call will be available for 30 days by dialing +1
800-642-1687 (U.S.) or +1 706-645-9291 (International). The
passcode for replay participants is: 56950360. The audio webcast of
the conference call will also be archived for 30 days following the
call in the "Investor Relations" section of the Company's website
located at http://www.syncora.com/. About Syncora Holdings Ltd.
Syncora Holdings Ltd. is a Bermuda-domiciled holding company whose
common shares are listed on the New York Stock Exchange (NYSE:SCA).
Effective August 4, 2008, Security Capital Assurance Ltd's name
changed to Syncora Holdings Ltd. For more information please visit
http://www.syncora.com/. Contact: Investors Frank Constantinople +1
441-279-7450 Media Michael Gormley +1 441-279-7450 Michele
Loguidice +1 212-333-3810 FORWARD-LOOKING STATEMENTS This release
contains statements about future results, plans and events that may
constitute "forward-looking" statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. You are cautioned that these statements are not
guarantees of future results, plans or events and such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: the outcome of the
efforts to refund Jefferson County Alabama's outstanding sewer
system debt; the outcome of Syncora Holdings' negotiations with
third parties concerning the restructuring of Syncora Holdings; the
decision by the New York Insurance Department and the Bermuda
Monetary Authority or other regulators to take regulatory action
with respect to Syncora Holdings' operating subsidiaries at any
time; recent and future rating agency statements and ratings
actions; the outcome of our negotiations with the Financial
Counterparties concerning the commutation, termination, amendment
or otherwise restructuring of their credit default swap contracts;
the Company's ability to successfully implement its strategic plan;
higher risk of loss in connection with obligations guaranteed by
the Company due to recent deterioration in the credit markets
stemming from the poor performance of subprime residential mortgage
loans; the suspension of writing substantially all new business and
the Company's ability to continue to operate its business in its
historic form; developments in the world's financial and capital
markets that adversely affect the performance of the Company's
investments and its access to such markets; the performance of
invested assets, losses on credit derivatives or changes in the
fair value of credit derivatives; the availability of capital and
liquidity; the timing of claims payments and the receipt of
reinsurance recoverables; greater frequency or severity of claims
and loss activity including in excess of the Company's loss
reserves; changes in the Company's reinsurance agreements with
certain of its subsidiaries; the impact of provisions in business
arrangements and agreements triggered by the ratings downgrades;
the impact of other triggers in business arrangements including
credit default swap contracts; changes in regulation, tax laws,
legislation or accounting policies or practices; changes in
officers; general economic conditions; changes in the availability,
cost or quality of reinsurance or retrocessions; possible downgrade
of the Company's reinsurers; possible default by the counterparties
to the Company's reinsurance arrangements; the Company's ability to
compete; changes that may occur in Company operations and ownership
as the Company matures; and other additional factors, risks or
uncertainties described in Company filings with the Securities and
Exchange Commission, including in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2007, and also
disclosed from time to time in subsequent reports on Form 10-Q and
Form 8-K. 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.
DATASOURCE: Syncora Holdings Ltd. CONTACT: Investors, Frank
Constantinople, +1-441-279-7450, ; or Media, Michael Gormley,
+1-441-279-7450, , or Michele Loguidice, +1-212-333-3810, , all for
Syncora Holdings Web site: http://www.syncora.com/
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