MBIA COMPLETES 8.2 MILLION SHARE PUBLIC OFFERING
MBIA COMPLETES 8.2 MILLION SHARE PUBLIC OFFERING ARMONK, N.Y., Feb. 26 /PRNewswire/ -- MBIA, Inc. (NYSE: MBI),
holding company of Municipal Bond Investors Assurance Corporation (MBIA Corporation), announced today that it has completed the sale of 8.2 million shares of common stock at $48.25 per share. As a result of the offering, 83.5 percent of MBIA, Inc. is publicly held.
The offering consists of 1.5 million new shares being sold by MBIA Inc. and 6.7 million shares being sold by The Aetna Casualty and Surety Company, The Fund American Companies, affiliates of CIGNA Corporation and Credit Local de France. The $69.6 million of net proceeds raised by MBIA Inc. in the offering will be used to provide additional capital to support future growth and general corporate purposes. The company will receive no proceeds from the shares sold by the selling shareholders. The underwriters have been granted an option by certain holders of purchase up to an additional 1.23 million shares to cover any over- allotments. If the underwriters exercise their over-allotment option, MBIA, Inc.'s public ownership would increase to 86.6 percent. The offering is being made through underwriters represented by Donaldson, Lufkin & Jenrette Securities Corporation, New York, and Lehman Brothers, New York. MBIA Inc., trough its wholly owned subsidiary, MBIA Corporation, is the leading insurer of municipal bonds, including new issues and bonds traded in the secondary market. MBIA has a claims paying rating of Triple-A by Moody's Investors Service, Inc., and Standard & Poor's Corporation and municipal bonds insured by MBIA recieve these ratings. A prospectus relating to the offering of the shares may be obtained from the Prospectus Department, Donaldson, Lufkin & Jenrette Securities Corporation, 140 Broadway, New York, N.Y. 10005, 212-504-3000. -0- 2/26/92 /CONTACT: Michael C. Ballinger of MBIA, 914-765-3893/ (MBI) CO: MBIA Inc. ST: New York IN: FIN SU: OFR SM-TS -- NY007 -- 2649 02/26/92 08:39 EST
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|Date:||Feb 26, 1992|
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