Home Re units give results of tender offer for mortgage-linked notes

By Mary-Katherine Stinson

Lexington, Ky., Oct. 10 – Home Re 2019-1 Ltd., Home Re 2021-1 Ltd. and Home Re 2021-2 Ltd. announced the results of their fixed-price cash tender offers to purchase any and all mortgage insurance-linked notes from six series, according to a press release.

In total, about $484 million aggregate principal amount of the notes were tendered.

Specifically, the results by series are as follows:

• $72.32 million, or 48.67%, of the $148,583,000 original principal of the HMIR 2019-1 M-1 notes (ISIN: US43731AAA16) was tendered and accepted for purchase at a consideration of $1,003.77 per $1,000 principal amount;

• All $148,583,000 original principal of the HMIR 2019-1 M-2 notes (ISIN: US43731AAB98) was tendered and accepted for purchase at a consideration of $1,027.81 per $1,000 principal amount;

• All $18,573,000 original principal of the HMIR 2019-1 B-2 notes (ISIN: US43731AAC71) was tendered and accepted for purchase at a consideration of $1,069.21 per $1,000 principal amount;

• $92,847,000, or 98.93%, of the $93,847,000 original principal of the HMIR 2021-1 M-1C notes (ISIN: US437307AC59) was tendered and accepted for purchase at a consideration of $1,007.34 per $1,000 principal amount;

• $102,044,023, or 93.91%, of the $108,662,000 original principal of the HMIR 2021-2 M-1B notes (ISIN: US43730VB45) was tendered and accepted for purchase at a consideration of $1,001.80 per $1,000 principal amount; and

• $49,881,000, or 3935%, of the $126,773,000 original principal of the HMIR 2021-2 M-1C notes (ISIN: US43730VAC28) was tendered and accepted for purchase at a consideration of $1010.16 per $1,000 principal amount.

The applicable total consideration was calculated based on the original principal amount of tendered and accepted notes, the applicable factor and the tender offer consideration plus any accrued interest.

The offers began on Oct. 2 and expired at 5 p.m. ET on Oct. 6, which was also the withdrawal deadline.

Settlement is expected for Oct. 11, with notes tendered under guaranteed delivery procedures to be purchased on Oct. 12.

BofA Securities, Inc. (980 387-3907, 888 292-0070) is the dealer manager for each offer.

Global Bondholder Services Corp. (212 430-3774, 855 654-2014, https://www.gbsc-usa.com/homere) is the information agent.

The issuers are Bermuda-based special purpose insurers.

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