ARMONK, N.Y.--(BUSINESS WIRE)--
MBIA Inc. (the "Company" or "MBIA") (NYSE: MBI) announced today that it
has successfully completed its consent solicitation resulting in the
amendments to indentures governing its 6.40% Senior Notes due 2022,
7.00% Debentures due 2025, 7.15% Debentures due 2027, 6.625% Debentures
due 2028 and 5.70% Senior Notes due 2034 (the "Notes") described in the
Company's consent solicitation statement dated November 7, 2012 (the
The amendments substitute one of the Company's subsidiaries, National
Public Finance Guarantee Corporation, for another subsidiary, MBIA
Insurance Corporation, in the definitions of "Restricted Subsidiary" in
the Indenture, dated as of August 1, 1990 (the "1990 Indenture"), and
"Principal Subsidiaries" in the Senior Indenture, dated as of November
24, 2004 (the "2004 Indenture"), pursuant to which the Notes were issued.
MBIA received the consents of holders as of the record date of a
majority in principal amount of all outstanding Notes under the 1990
Indenture voting as a single class and from holders as of the record
date of a majority in principal amount of the outstanding 5.70% Senior
Notes due 2034 issued under the 2004 Indenture, prior to the expiration
time of the consent solicitation. As a result, MBIA and The Bank of New
York Mellon, as trustee, have entered into supplemental indentures,
which effect the above amendments to the 1990 Indenture and the 2004
Indenture described in the Consent Statement.
MBIA has made cash payments of $10.00 for each $1,000 in aggregate
principal amount of Notes for which a consent was provided prior to the
expiration time of the consent solicitation.
Deutsche Bank Securities Inc. acted as solicitation agent in connection
with the consent solicitation.
MBIA also announced that it has repurchased approximately $170 million
of outstanding principal amount of Notes issued under the 2004 Indenture
in privately negotiated reverse inquiry transactions directly from
holders as of the record date that had consented pursuant to the consent
solicitation described above. MBIA has previously disclosed that it may
repurchase its debt from time to time in the open market or in private
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES AND SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE OF
ANY SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR
SALE WOULD BE UNLAWFUL.
MBIA Inc., headquartered in Armonk, New York, is a holding company whose
subsidiaries provide financial guarantee insurance, as well as related
reinsurance, advisory and portfolio services, for the public and
structured finance markets, and asset management advisory services. The
Company services its clients around the globe with offices in New York,
Denver, San Francisco, Paris, London, Madrid and Mexico City. Please
visit MBIA's website at www.mbia.com.
Kevin Brown, +1-914-765-3648
Greg Diamond, +1-914-765-3190
Source: MBIA Inc.
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