UNITED STATES
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 (Date of earliest event reported): October
28, 2015
MBIA INC.
(Exact name of registrant as specified in its charter)
| Connecticut | 1-9583 | 06-1185706 | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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1 Manhattanville Road, Suite 301
Purchase, New York |
10577 |
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| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code:
914-273-4545
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. OTHER EVENTS.
The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 8.01 – Other Events of Form 8-K.
On October 28, 2015, MBIA Inc. (the “Company”) announced that the Company’s Board of Directors has authorized the repurchase by the Company or its subsidiaries of up to $100 million of its outstanding shares under a new share repurchase authorization. The Company’s prior authorization, which was announced on July 29, 2015, has been fully expended.
A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference to this Item 8.01 as if fully set forth herein.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release issued by MBIA Inc., dated October 28, 2015.
SIGNATURES
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.
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MBIA INC. |
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By: |
/s/ Ram D. Wertheim |
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Ram D. Wertheim |
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Chief Legal Officer |
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Date: October 28, 2015
EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
Dated October
28, 2015
99.1 Press Release issued by MBIA Inc., dated October 28, 2015.
Exhibit 99.1
MBIA Inc. Announces New Share Repurchase Authorization
PURCHASE, N.Y.--(BUSINESS WIRE)--October 28, 2015--MBIA Inc. (NYSE:MBI) (the Company) today announced that the Company’s Board of Directors has authorized the repurchase by the Company or its subsidiaries of up to $100 million of its outstanding shares under a new share repurchase authorization. The Company’s prior authorization, which was announced on July 29, 2015, has been fully expended. Repurchases by the Company or its subsidiaries under the new repurchase program will be subject to available liquidity, general market and economic conditions, alternate uses for its capital and other factors. Acquisitions in the repurchase program may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice.
In 2015 to date, the Company and its subsidiaries have repurchased 38.9 million of the Company’s outstanding shares at a total cost of $297 million, which has reduced the Company’s outstanding common stock to 153 million shares.
MBIA Inc., headquartered in Purchase, New York, is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
CONTACT:
MBIA Inc.
Greg Diamond, 914-765-3190
greg.diamond@mbia.com