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MBIA (MBIA) will cut its divdend to $.13 from $.34 and go to the capital markets for cash.
As part of its plan to raise capital to meet or exceed the rating agencies’ Triple-A requirements, its primary insurance operating subsidiary, MBIA Insurance Corporation, intends to issue $1 billion of surplus notes due 2033. The notes are callable at par at the company’s option on the fifth anniversary of the date of issuance and every fifth anniversary thereafter.
Wall St. sold off the company’s shares by 7% ahead of the open. It now trades just above $13, down from a 52-week high of over $76.
Douglas A. McIntyre
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