NEWS: Syncora Guarantee Announces Successful Refinancing of Reliance Rail
11/28/17
HAMILTON, Bermuda, Nov. 28, 2017 (GLOBE NEWSWIRE) -- Syncora Guarantee Inc. (“Syncora” or the “Company”) today announced the successful refinancing of Reliance Rail, a large public private partnership for the design, manufacture and maintenance of commuter trains in Sydney, Australia. As insurer to 50% of the Reliance Rail debt, Syncora has been a strong voice in the negotiations and has worked diligently to help facilitate a refinancing. With the refinancing complete, Syncora has removed a significant flag list credit that comprises a substantial portion of its “liquidity mismatch.” Following the announcement, Frederick B. Hnat, Syncora’s Chief Executive Officer stated, “We are extremely pleased to see the successful completion of the Reliance Rail refinancing. The resolution of Reliance Rail effectively removes one of our largest and most complex credits, making it possible for the company to focus on our other key strategic initiatives.”
