-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CR7OTgzYdyhW009TLrh+h/sT7E4xILqGfmw8uhey6Wg9zi0X4Z0RqkDBlpR278Pi 8/j9xb+11V2P0MS8z3SP5g== 0000950130-01-000473.txt : 20010131 0000950130-01-000473.hdr.sgml : 20010131 ACCESSION NUMBER: 0000950130-01-000473 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010130 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MBIA INC CENTRAL INDEX KEY: 0000814585 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 061185706 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09583 FILM NUMBER: 1519183 BUSINESS ADDRESS: STREET 1: 113 KING ST CITY: ARMONK STATE: NY ZIP: 10504 BUSINESS PHONE: 9142734545 MAIL ADDRESS: STREET 1: 113 KING ST CITY: ARMONK STATE: NY ZIP: 10504 8-K 1 0001.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------- Form 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: January 30, 2001 Date of Earliest Event Reported: January 30, 2001 MBIA Inc. ----------------------------------------------------- (Exact name of registrant as specified in its charter) Connecticut 1-9583 06-1185706 -------------- ------------------------ ------------ (State of (Commission File Number) (IRS Employer Incorporation) Identification No.) 113 King Street, Armonk, New York 10504 - -------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (914) 273-4545 --------------------------------------------------- (Registrant's telephone number, including area code) Page 1 of 4 ITEMS 1-4. Not applicable. ITEM 5. OTHER EVENTS As previously reported by MBIA Inc. ("MBIA"), its subsidiary, MBIA Insurance Corporation ("MBIA Corp.") has issued financial guarantee insurance policies ("Guarantees") of first mortgage bonds and senior unsecured bonds (the "Bonds") issued by Southern California Edison Company ("So Cal Ed") and PG&E Corporation ("PG&E"). Under its Guarantees of the Bonds, MBIA Corp. has direct net par exposure of approximately $414 million to So Cal Ed and approximately $590 million to PG&E, of which approximately 60 percent are Guarantees of first mortgage bonds with the remainder being Guarantees of senior unsecured bonds. Total guaranteed debt service payments for the two utilities are approximately $60 million in 2001 and $80 million in 2002. Attached hereto as Exhibit I is a schedule listing the Bonds guaranteed by MBIA for each of So Cal Ed and PG&E by maturity date (with CUSIP numbers), and attached hereto as Exhibit II is a schedule of the aggregate net debt service of the Bonds. Exhibits I and II have been posted on MBIA's web site at www.MBIA.com. As previously announced, to date MBIA Corp. has made payments of $660,000 for missed debt interest by So Cal Ed. MBIA currently expects no permanent losses and expects total recovery of the debt service payments that were made. In the event that either So Cal Ed or PG&E files for bankruptcy, however, there can be no assurance that MBIA Corp. will recover all of the payments it may make under its Guarantees of the Bonds. ITEM 6. Not applicable. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS -------------------------------- (c) Exhibits I List of So Cal Ed and PG&E Guaranteed Bonds by Maturity Date as of 12/31/00 II Net Debt Service Schedule of So Cal Ed and PG&E Guaranteed Bonds ITEM 8. Not applicable. Page 2 of 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MBIA Inc. ------------------------------ (Registrant) Date: January 30, 2001 By /s/ Ram D. Wertheim ---------------- ------------------------------- Name: Ram D. Wertheim Title: General Counsel Page 3 of 4 EXHIBIT INDEX ------------- Exhibit No. Description ----------- ----------- I List of So Cal Ed and PG&E Guaranteed Bonds by Maturity Date as of 12/31/00 II Net Debt Service Schedule of So Cal Ed and PG&E Guaranteed Bonds EX-1 2 0002.txt SO CAL ED AND PG&E GUARANTEED BONDS BY MATURITY Exhibit 1
List of So Cal Ed and PG&E Guaranteed Bonds by Maturity Date as of 12/31/00 Note: numbers are in millions Southern California Edison - -------------------------- Final Maturity Date Original CUSIP Enhanced CUSIP Legal Name Net Par 10/1/02 842400DK6 842400EA7 Southern California Edison Company dated October 1, 1993, Series 1993 J, coupon 5.625% 1.3 9/1/04 842400DH3 842400EH2 Southern California Edison Company, First and Refunding Mortgage Bonds dated September 1, 1993, Series 1993 H, coupon 5.875% 13.1 1/15/06 842400DX8 842400DZ3 Southern California Edison Company, Notes, dated January 15, 1996, coupon 6.375% 5.0 9/1/15 130534YB0 N/A California Pollution Control Financing Authority, Pollution Control Refunding Revenue Bonds (Southern California Edison Company) dated September 1, 1999, Series 1999 D, coupon 5.20% 7.7 12/1/17 130534SQ4 130534WE6 California Pollution Control Financing Authority (Southern California Edison Company) Pollution Control Revenue Bonds dated December 1, 1991, Series 1991 I, coupon 6.90% 4.5 10/1/18 842400DJ9 842400DM2 Southern California Edison Company, First and Refunding Mortgage Bonds dated October 1, 1993, Series 1993 I, coupon 6.90% 3.0 4/1/21 311450CN8 311450CQ1 City of Farmington, New Mexico, Pollution Control Refunding Revenue Bonds (Southern California Edison Company Four Corners Project) dated April 1, 1991, Series 1991 A, coupon 7.20% 2.0 6/1/23 311450CS7 N/A City of Farmington, New Mexico, Pollution Control Refunding Revenue Bonds (Southern California Edison Company Four Corners Project) dated June 1, 1993, Series 1993 A, coupon 5.875% 145.8 12/1/24 130534UQ1 130534US7 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Southern California Edison Company) dated December 1, 1992, Series 1992 B, coupon 6.40% 19.6 7/15/25 842400DG5 842400DY6 Southern California Edison Company, First and Refunding Mortgage Bonds dated July 15, 1993, Series 1993 G, coupon 7.125% 13.7 3/1/26 842400DC4 842400DE0 Southern California Edison Company First and Refunding Mortgage Bonds dated March 1, 1993, Series 1993 C, coupon 7.25% 26.9 4/1/29 311450DV9 N/A City of Farmington, New Mexico, Pollution Control Refunding Revenue Bonds (Southern California Edison Company Four Corners Project) dated April 1, 1999, Series 1999 A, coupon 5.125% 51.4 9/1/29 130534XY1 N/A California Pollution Control Financing Authority, Pollution Control Refunding Revenue Bonds (Southern California Edison Company) dated April 1, 1999, Series 1999 A, coupon 5.45% 46.3 9/1/29 130534XZ8 N/A California Pollution Control Financing Authority, Pollution Control Refunding Revenue Bonds (Southern California Edison Company) dated April 1, 1999, Series 1999 B, coupon 5.45% 46.3 9/1/31 130534YA2 N/A California Pollution Control Financing Authority, Pollution Control Refunding Revenue Bonds (Southern California Edison Company) dated September 1, 1999, Series 1999 C, coupon 5.55% 27.8
List of So Cal Ed and PG&E Guaranteed Bonds by Maturity Date as of 12/31/00 Note: numbers are in millions Pacific Gas and Electric - ------------------------ Final Maturity Date Original CUSIP Enhanced CUSIP Legal Name Net Par 3/1/02 694308EA1 694308EH6 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated December 1, 1991, Series 1992 A, coupon 7.875% 12.8 6/23/03 N/A N/A Credit Default Obligation for the Pacific Gas & Electric Company's Senior Unsecured Unsubordinated Obligations Maturity could be accelerated by certain credit events. 46.3 8/1/03 694308EU7 694308FE2 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated June 1, 1993, Series 1993 C, coupon 6.25% 13.9 3/1/04 694308FA0 694308FN2 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated June 1, 1993, Series 1993 G, coupon 6.25% 9.1 10/1/05 694308EW3 694308FD4 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated June 1, 1993, Series 1993 E, coupon 5.875% 9.5 6/1/09 130534UJ7 130534WM8 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Pacific Gas and Electric Company) dated April 1, 1992, Series 1992 A, coupon 6.625% 7.8 6/1/09 130534UP3 130534VT4 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Pacific Gas and Electric Company) dated December 1, 1992, Series 1992 B, coupon 6.35% 14.3 12/1/16 130534WY2 N/A California Pollution Control Financing Authority, Pollution Control Refunding Revenue Bonds (Pacific Gas and Electric Company) dated May 23, 1996, Remarketing Series 1996 A, variable rate 185.0 11/1/22 694308EG8 694308EQ6 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated June 1, 1992, Series 1992 D, coupon 8.25% 25.4 6/1/23 130534UY4 130534WQ9 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Pacific Gas and Electric Company) dated July 1, 1993, Series 1993 A, coupon 5.875% 3.0 10/1/23 694308EY9 694308EZ6 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated June 13,1993, Series 1993 F, coupon 6.75% 49.5 12/1/23 130534VA5 130534VS6 California Pollution Control Financing Authority, Pollution Control Revenue Bonds (Pacific Gas and Electric Company) dated November 1, 1993, Series 1993 B, coupon 5.85% 67.2 3/1/24 694308FB8 694308FP7 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated June 1, 1993, Series 1993 H, coupon 7.05% 9.7 5/1/25 694308EF0 694308EJ2 Pacific Gas & Electric Company First and Refunding Mortgage dated December 1, 1991, Series 1992 B, coupon 8.375% 10.2 3/1/26 694308EM5 694308ET0 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated December 1, 1992, Series 1993 A, coupon 7.25% 65.3 8/1/26 694308EV5 694308EX1 Pacific Gas and Electric Company, First and Refunding Mortgage Bonds dated June 1, 1993, Series 1993 D, coupon 7.25%, 59.9
EX-2 3 0003.txt NET DEBT SERVICE SCHEDULE OF SO CAL ED AND PG&E Exhbit II Net Debt Service Schedule of So Cal Ed and PG&E Guaranteed Bonds: ----------------------------------------------------------------- (Note: numbers are in millions)
PG&E PG&E So Cal Ed So Cal Ed Total Net Pay Year Pay Month Net Par Net Interest Net Par Net Interest Debt Service - -------------------------------------------------------------------------------------------------- 2001 1st Q 5.7 5.5 11.2 2001 2nd Q 12.2 6.6 18.8 2001 3rd Q 5.9 5.5 11.4 2001 4th Q 12.2 6.6 18.8 - -------------------------------------------------------------------------------------------------- 2001 Total* 36.0 24.2 60.2 2002 1st Q 12.8 5.9 5.5 24.1 2002 2nd Q 12.2 6.6 18.8 2002 3rd Q 5.4 5.5 10.9 2002 4th Q 12.2 1.3 6.6 20.1 - -------------------------------------------------------------------------------------------------- 2002 Total* 12.8 35.6 1.3 24.2 73.9 2003 60.7 35.1 24.1 119.9 2004 8.6 34.0 13.1 24.1 79.8 2005 9.5 33.7 23.3 66.5 2006 33.1 5.0 23.2 61.3 2007 33.1 23.0 56.2 2008 33.1 23.0 56.2 2009 22.1 32.4 23.0 77.5 2010 31.7 23.0 54.7 2011 31.7 23.0 54.7 2012 31.7 23.0 54.7 2013 31.7 23.0 54.7 2014 31.7 23.0 54.7 2015 31.7 7.7 23.0 62.4 2016 185.0 31.7 22.6 239.3 2017 20.2 4.5 22.6 47.3 2018 20.2 3.0 22.3 45.5 2019 20.2 22.1 42.3 2020 20.2 22.1 42.3 2021 20.2 2.0 22.0 44.2 2022 25.4 20.1 22.0 67.5 2023 119.7 17.9 145.8 17.7 301.1 2024 9.7 10.3 19.6 13.4 53.0 2025 11.2 9.5 13.7 12.1 46.6 2026 124.2 6.5 26.9 10.2 167.8 2027 9.2 9.2 2028 9.2 9.2 2029 143.9 7.9 151.8 2030 1.5 1.5 2031 27.8 1.5 29.3 -------------------------------------------------------------------------- Total* 588.7 693.4 414.1 588.9 2,285.1
* Please note numbers may not add up due to rounding. -----END PRIVACY-ENHANCED MESSAGE-----