MBIA INC. (NYSE:MBI) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02
On April13, 2018, the current holder (the “Holder”), of MBIA Inc. (the “Company”) warrants (the “Warrants”) originally issued on May6, 2013, exercised its right to acquire shares of the Company’s common stock, par value $1.00, to the Warrants and, on April16, 2018, the Company delivered 1,154,608 shares of common stock to the Holder in satisfaction of such Warrants. In accordance with the terms of the Warrants, the shares of common stock were delivered in satisfaction of the “cashless exercise” of such Warrants and, as a result, the Company received no consideration from the delivery of such shares of common stock in satisfaction of the Warrants.
The terms of the Warrants are set forth in the Warrant Agreement, dated as of May6, 2013, between MBIA Inc. and Blue Ridge Investments, L.L.C., incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March31, 2013.
About MBIA INC. (NYSE:MBI)
MBIA Inc. (MBIA) is a holding company. The Company, through its subsidiary, National Public Finance Guarantee Corporation (National), is engaged in providing financial guarantee insurance to the United States public finance markets. MBIA’s segments include United States (U.S.) public finance insurance, international and structured finance insurance, and corporate. The U.S. public finance insurance segment is operated through National, and is engaged in generating new insurance business in National, consistent with its portfolio management and return requirements, and to maximize the economics of its existing insured portfolio through surveillance and remediation. The international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). The corporate segment is operated through the Company and its subsidiaries, including its service company, MBIA Services Corporation (MBIA Services).
