Syncora Announces the Sale of American Roads LLC

HAMILTON, Bermuda, May 07, 2018 -- Syncora Holdings Ltd. (“Syncora” or the “Company”) today announced that Pike Pointe Holdings, LLC (“Pike Pointe”), a wholly owned subsidiary of Syncora Guarantee Inc. (“SGI”), a wholly owned, New York financial guarantee insurance subsidiary of the Company, has entered into an agreement for the sale of American Roads LLC (“American Roads”), its subsidiary that owns and operates toll road facilities, to American Roads AcquireCo LLC, a wholly owned subsidiary of DIF Infra 5 US LLC.  The closing of the sale of American Roads is subject to customary conditions, including a filing under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to take place in the third quarter of 2018.  The cash consideration expected to be received for American Roads is approximately $220 million, before payment of related expenses, with provisions that provide for the payment of additional amounts if specified conditions are met within 12 months of the date of the agreement.  In addition, Syncora will be entitled to take a distribution of approximately $31 million of cash in American Roads and related entities prior to the closing of the transaction.  Taken together with the approximately $24 million in cash held by Pike Pointe that is outside the scope of the American Roads transaction, Syncora will retain approximately $55 million of cash from Pike Pointe and its subsidiaries, all of which was previously included in Syncora’s consolidated balance sheet.

“As a company, we continue to execute effectively on our strategic initiatives, one of which is monetization of non-core assets. The sale of American Roads represents yet another success in our efforts to return value to our stakeholders.  We believe the terms of this sale are highly favorable to Syncora and are very pleased with the outcome of the sale process,” commented Frederick B. Hnat, the President and Chief Executive Officer of Syncora.

The financial effects of this agreement are expected to be disclosed at a later date.

Evercore is acting as financial advisor to Syncora on the sale and Kirkland & Ellis LLP is acting as legal advisor to Syncora on the sale.

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.  Pike Pointe is a wholly-owned subsidiary of SGI.  For additional information, please visit www.syncora.com.

Contacts
Scott Beinhacker
Syncora Holdings Ltd.
(212) 478-3400
[email protected]

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.