UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
On December 6 and 9, 2022, respectively, the Company’s wholly-owned indirect subsidiary, National Public Finance Guarantee Corporation (“National”) received its final distribution of securities and cash, under the terms of the Puerto Rico Highways and Transportation Authority (“HTA”) Plan of Adjustment, which Plan went effective on December 6, 2022. The distribution consisted of approximately $177 million of bonds (representing the face value of current interest bonds and the final maturity value of capital appreciation bonds) and $46 million of cash. National previously received, on July 8, 2022, $33 million of cash and $358 million face amount of Contingent Value Instruments related to its HTA exposures in connection with the HTA Plan Support Agreement and the Commonwealth of Puerto Rico’s General Obligation and Public Building Authority’s Plan of Adjustment.
Additionally, under the terms of, and in conjunction with, the implementation of the HTA Plan of Adjustment, National has accelerated all of its remaining HTA exposure and made payments to bondholders sufficient to retire the bonds in full.
Separately, on November 17, 2022 National paid to the Company its annual dividend as of right in the approximate amount of $72 million.
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.
| MBIAINC. | ||
| By: | /s/ Jonathan C. Harris | |
| Jonathan C. Harris | ||
| General Counsel | ||
Date: December 12, 2022