Certain Eagle Re Entities Announce Results of Tender Offers for Certain Outstanding Series 2019-1 and 2020-1 Mortgage Insurance-Linked Notes

HAMILTON, Bermuda, July 3, 2023 /PRNewswire/ -- Eagle Re 2019-1 Ltd. ("EMIR 2019-1") and Eagle Re 2020-1 Ltd. ("EMIR 2020-1" and, each of EMIR 2019-1 and 2020-1, as applicable, an "Issuer") today announced the tender results of their previously announced offers to purchase (each an "Offer") any and all of the Mortgage Insurance-Linked Notes listed in the table below (the "Notes").

The Issuer has conducted each Offer in accordance with the conditions set forth in the relevant Offer to Purchase of each of EMIR 2019-1 and EMIR 2020-1 dated June 26, 2023 (each an "Offer to Purchase") (collectively, the applicable "Offer Documents"). Capitalized terms used but not defined in this press release have the meanings ascribed to such terms in the applicable Offer Documents.

As of 5:00 p.m., New York City time, on Friday, June 30, 2023, approximately $787 million aggregate original principal amount of the Notes had been validly tendered and not properly withdrawn as set forth in the table below.

Series	Notes	144A CUSIP	Reg S CUSIP	ISIN	Original Principal Amounts	Percentage of Original Principal Amounts Tendered and Accepted	Original Principal Amounts Tendered and Accepted
EMIR 2019-1	M-1B	269822AB8	G29017AB9	US269822AB87	$176,640,000.00	100.00 %	$176,640,000.00
EMIR 2019-1	M-2	269822AC6	G29017AC7	US269822AC60	$235,520,000.00	100.00 %	$235,520,000.00
EMIR 2019-1	B-1	269822AD4	G29017AD5	US269822AD44	$42,822,000.00	100.00 %	$42,822,000.00
EMIR 2020-1	M-1B	26982LAB6	G2904LAB5	US26982LAB62	$133,196,000.00	46.65 %	$62,137,000.00
EMIR 2020-1	M-1C	26982LAC4	G2904LAC3	US26982LAC46	$88,797,000.00	100.00 %	$88,797,000.00
EMIR 2020-1	M-2	26982LAD2	G2904LAD1	US26982LAD29	$157,860,000.00	100.00 %	$157,860,000.00
EMIR 2020-1	B-1	26982LAH3	G2904LAH2	US26982LAH33	$24,668,000.00	93.55 %	$23,078,000.00

The settlement date for the Notes tendered and accepted for purchase in each Offer is expected to occur on Wednesday, July 5, 2023.

BofA Securities, Inc. is the dealer manager for each Offer. For additional information regarding the terms of each Offer, please contact BofA Securities, Inc. at (980) 387-3907 or (888) 292-0070 (toll-free). Requests for the Offer Documents may be directed to Global Bondholder Services Corporation at (212) 430-3774 or (855) 654-2014 (toll-free).

This announcement does not constitute an invitation to participate in an Offer in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such Offer under applicable securities laws or otherwise. The distribution of materials relating to each Offer, and the transactions contemplated by each Offer, may be restricted by law in certain jurisdictions where it is legal to do so. Each Offer is void in all jurisdictions where it is prohibited. If materials relating to each Offer come into your possession, you are required by the applicable Issuer to inform yourself of and to observe all of these restrictions. The materials relating to each Offer do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that an Offer be made by a licensed broker or dealer and the Dealer Manager or any affiliate of the Dealer Manager is a licensed broker or dealer in that jurisdiction, such Offer shall be deemed to be made by the Dealer Manager or such affiliate on behalf of the applicable Issuer in that jurisdiction.

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SOURCE Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd.