<SEC-DOCUMENT>0001157523-15-002904.txt : 20150813
<SEC-HEADER>0001157523-15-002904.hdr.sgml : 20150813
<ACCEPTANCE-DATETIME>20150813141630
ACCESSION NUMBER:		0001157523-15-002904
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150813
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150813
DATE AS OF CHANGE:		20150813

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:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		151050093

	BUSINESS ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51162611.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>CURRENT REPORT</b></font>
    </p>
    <p style="text-align: center">
      Pursuant to Section 13 or 15(d) of<br>the Securities Exchange Act of 1934
    </p>
    <p style="text-align: center">
      Date of Report (Date of earliest event reported): <font style="font-size: 10pt; font-family: Times New Roman">August
      13, 2015</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>MBIA INC.</b></font><br>(Exact name of
      registrant as specified in its charter)
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="text-align: center; width: 30%; padding-left: 0.0px">
          <b>Connecticut</b>
        </td>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 30%; padding-left: 0.0px; padding-right: 0.0px">
          <b>1-9583</b>
        </td>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 30%; padding-left: 0.0px; padding-right: 0.0px">
          <b>06-1185706</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 30%; padding-left: 0.0px">
          (State or other jurisdiction of incorporation)
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; width: 30%; padding-left: 0.0px">
          (Commission File Number)
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; width: 30%; padding-left: 0.0px">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="text-align: center; width: 45%; padding-left: 0.0px">
          <b>1 Manhattanville Road, Suite 301 </b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Purchase, New York</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 45%; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>10577</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 45%; padding-left: 0.0px">
          (Address of principal executive offices)
        </td>
        <td style="width: 10%">

        </td>
        <td valign="bottom" style="text-align: center; width: 45%; padding-left: 0.0px">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code:<br><b>914-273-4545</b><br><br>
    </p>
    <p style="text-align: center">
      <b>Not Applicable<br></b>(Former name or former address, if changed
      since last report)<br><br>
    </p>
    <p>
      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:
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="white-space: nowrap">
      <b>Item 8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;OTHER EVENTS.</b>
    </p>
    <p>
      The following information, including the Exhibit to this Form 8-K, is
      being furnished pursuant to Item 8.01 &#8211; Other Events of Form 8-K.
    </p>
    <p>
      On August 13, 2015, MBIA Inc. (the &#8220;Company&#8221;) announced that the Company
      agreed to repurchase 7.6 million of its common shares in connection with
      the sale by investment funds affiliated with Warburg Pincus LLC of their
      remaining 18.4 million shares of the Company.&#160;&#160;The repurchase
      transaction, together with open market share repurchases, will bring the
      total number of shares repurchased since the Company reported its second
      quarter financial results on August 4, 2015 to approximately 10.4
      million shares at an average price of $6.42.&#160; Following the completion
      of the repurchase transaction, 158 million of the Company&#8217;s common
      shares will be outstanding and approximately $33 million of authorized
      capacity will remain under the share repurchase program announced by the
      Company on July 29, 2015.
    </p>
    <p>
      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.
    </p>
    <p style="text-align: center">
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The information contained in this Current Report should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission. This report includes statements that are not historical or
      current facts and are &#8220;forward-looking statements&#8221; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will continue,&#8221;
      and similar expressions identify forward-looking statements. These
      statements are subject to certain risks and uncertainties that could
      cause actual results to differ materially from historical earnings and
      those presently anticipated or projected, including, among other risks
      and uncertainties, the possibility that the Company will experience
      increased credit losses or impairments on public finance obligations we
      insure issued by state, local and territorial governments and finance
      authorities that are experiencing fiscal stress, the possibility that
      MBIA Insurance Corporation will have inadequate liquidity to pay
      expected claims as a result of increased losses on certain structured
      finance transactions, in particular residential mortgage-backed
      securities transactions that include a substantial number of ineligible
      mortgage loans, or a delay or failure in collecting expected recoveries,
      the possibility that loss reserve estimates are not adequate to cover
      potential claims, a disruption in the cash flow from our subsidiaries or
      an inability to access capital and our exposure to significant
      fluctuations in liquidity and asset values within the global credit
      markets as a result of collateral posting requirements, our ability to
      fully implement our strategic plan, including our ability to maintain
      high stable ratings for National Public Finance Guarantee Corporation
      and generate investor demand for our financial guarantees, deterioration
      in the economic environment and financial markets in the United States
      or abroad, and adverse developments in European sovereign credit
      performance, real estate market performance, credit spreads, interest
      rates and foreign currency levels, the effects of governmental
      regulation, including insurance laws, securities laws, tax laws, legal
      precedents and accounting rules; and uncertainties that have not been
      identified at this time. These and other factors that could affect
      financial performance or could cause actual results to differ materially
      from estimates contained in or underlying the Company&#8217;s forward-looking
      statements are discussed under the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;s
      most recent Annual Report on Form 10-K and Quarterly Report on Form
      10-Q, which may be updated or amended in the Company&#8217;s subsequent
      filings with the Securities and Exchange Commission. The Company
      cautions readers not to place undue reliance on any such forward-looking
      statements, which speak only to their respective dates. The Company
      undertakes no obligation to publicly correct or update any
      forward-looking statement if it later becomes aware that such result is
      not likely to be achieved.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</b>
    </p>
    <p style="white-space: nowrap">
      99.1 &#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc., dated August 13, 2015.
    </p>
    <p style="text-align: left">

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      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.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 57%">
          &#160;
        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            MBIA INC.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 57%; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 3%; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>By:</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 30%; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; width: 30%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; width: 30%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Legal Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
    <p>
      Date: August 13, 2015
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K<br><font style="font-family: Times New Roman; font-size: 10pt">August
      13, 2015</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="white-space: nowrap">
      Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc., dated August 13,
      2015.
    </p>
    <p style="text-align: center">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51162611ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <u><font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
      Inc. Announces Repurchase of 7.6 Million Shares of Its Common Stock</b></font></u>
    </p>
    <p>
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Warburg
      Pincus, LLC sells all remaining MBIA Inc. shares</b></font></i>
    </p>
    <p>
      PURCHASE, N.Y.--(BUSINESS WIRE)--August 13, 2015--MBIA Inc. (NYSE:MBI)
      (the Company) today announced that it has agreed to repurchase 7.6
      million of its common shares in connection with the sale by investment
      funds affiliated with Warburg Pincus LLC of their remaining 18.4 million
      shares of the Company. The repurchase transaction, together with open
      market share repurchases, will bring the total number of shares
      repurchased since the Company reported its second quarter financial
      results on August 4, 2015 to approximately 10.4 million shares at an
      average price of $6.42. Following the completion of the repurchase
      transaction, 158 million of the Company&#8217;s common shares will be
      outstanding and approximately $33 million of authorized capacity will
      remain under the share repurchase program announced by the Company on
      July 29, 2015.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The information contained in this press release should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission. This release includes statements that are not historical or
      current facts and are &#8220;forward-looking statements&#8221; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will
      continue,&#8221; and similar expressions identify forward-looking statements.
      These statements are subject to certain risks and uncertainties that
      could cause actual results to differ materially from historical earnings
      and those presently anticipated or projected, including, among other
      risks and uncertainties, the possibility that the Company will
      experience increased credit losses or impairments on public finance
      obligations we insure issued by state, local and territorial governments
      and finance authorities that are experiencing fiscal stress, the
      possibility that MBIA Corp. will have inadequate liquidity to pay
      expected claims as a result of increased losses on certain structured
      finance transactions, in particular residential mortgage-backed
      securities transactions that include a substantial number of ineligible
      mortgage loans, or a delay or failure in collecting expected recoveries,
      the possibility that loss reserve estimates are not adequate to cover
      potential claims, a disruption in the cash flow from our subsidiaries or
      an inability to access capital and our exposure to significant
      fluctuations in liquidity and asset values within the global credit
      markets as a result of collateral posting requirements, our ability to
      fully implement our strategic plan, including our ability to maintain
      high stable ratings for National and generate investor demand for our
      financial guarantees, deterioration in the economic environment and
      financial markets in the United States or abroad, and adverse
      developments in European sovereign credit performance, real estate
      market performance, credit spreads, interest rates and foreign currency
      levels, the effects of governmental regulation, including insurance
      laws, securities laws, tax laws, legal precedents and accounting rules;
      and uncertainties that have not been identified at this time. These and
      other factors that could affect financial performance or could cause
      actual results to differ materially from estimates contained in or
      underlying the Company&#8217;s forward-looking statements are discussed under
      the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;s most recent Annual Report on
      Form 10-K and Quarterly Report on Form 10-Q, which may be updated or
      amended in the Company&#8217;s subsequent filings with the Securities and
      Exchange Commission. The Company cautions readers not to place undue
      reliance on any such forward-looking statements, which speak only to
      their respective dates. The Company undertakes no obligation to publicly
      correct or update any forward-looking statement if it later becomes
      aware that such result is not likely to be achieved.
    </p>
    <p>
      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 <u>www.mbia.com</u>.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br><b>MBIA Inc.</b><br><b>Media:</b><br>Kevin Brown,
      +1-914-765-3648<br>or<br><b>Investor Relations:</b><br>Greg Diamond,
      +1-914-765-3190
    </p>
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