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MBIA declares sale of 27.3m common stock by selling stockholders.

M2 EQUITYBITES-May 19, 2015-MBIA declares sale of 27.3m common stock by selling stockholders

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MBIA Inc (NYSE:MBI), a holding company of subsidiaries that provide financial guarantee insurance, stated on Monday the sale of 27,250,000 total shares of the company's common stock, by investment funds affiliated with Warburg Pincus LLC, in a registered public offering.

The company added that Warburg Pincus will receive all of the net proceeds from this offering, as the company is not selling any shares, nor is any member of its management team.

Acting as sole underwriter is BTIG LLC, which proposes to offer the shares regularly for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, or at prices related to prevailing market prices, or at negotiated prices.

Further, the company said that its subsidiary National Public Finance Guarantee Corporation will buy 8,000,000 shares of its common stock from BTIG in this offering, at a price equal to that which the underwriter will buy from Warburg Pincus, provided the offering is completed.

Also, post completion of the offering, Warburg Pincus will hold 18,372,877 shares of the company's common stock and will continue to have two nominees on its board of directors. The offering is being made under an effective registration statement and prospectus that was previously filed with the US Securities and Exchange Commission.

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Publication:M2 EquityBites (EQB)
Date:May 19, 2015
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