MBIA unit: No decision yet on OK to make 14% surplus notes payment

By Caroline Salls

Pittsburgh, July 10 - MBIA Inc. wholly owned subsidiary MBIA Insurance Corp. has been advised that the New York State Department of Financial Services has not yet decided whether to approve MBIA Insurance's request to make a July 16 interest payment on its 14% fixed-to-floating-rate surplus notes due 2033, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

Under Section 1307 of the New York Insurance Law and the Fiscal Agency Agreement, any payment on the notes can only be made with the approval of the NYSDFS, and no payment becomes due without the NYSDFS's approval.

Armonk, N.Y.-based MBIA provides financial guarantee insurance, investment management services and other services to public finance and structured finance clients.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.