Syncora Guarantee Inc. Wednesday took a step in its plan to reduce its outstanding exposures, as a fund made its tender offer yesterday to acquire residential mortgage-backed securities Syncora insured, the guarantor announced.

The BPC Voyager Master Funds SPC Ltd., acting on behalf of and for the account of the Distressed Opportunities Master Segregated Portfolio, has arranged for funding of $385 million, with the offer extending to securities with an aggregate notional value of $5.9 billion.

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