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SECURITIES AND EXCHANGE COMMISSION
Washington, D.. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 10, 1997
Date of Earliest
Event Reported: July 10, 1997
MBIA Inc.
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(Exact name of registrant as specified in its charter)
Connecticut 1-9583 06-1185706
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(State of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
113 King Street, Armonk, New York 10504
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(Address of principal executive offices) (Zip Code)
(914) 273-4545
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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On July 10, 1997, the Company announced its plans for primary offerings of
one million common shares and $100 million of debentures. The press release
making such announcement is filed herewith.
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SIGNATURE
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.
MBIA Inc.
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(Registrant)
Date: July 10, 1997 By /s/ Richard L. Weill
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Name: Richard L. Weill
Title: President
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MBIA MBIA INC. NEWS RELEASE
113 King Street
Armonk, NY 10504
914 273 4545
Contact: Michael C. Ballinger FOR IMMEDIATE RELEASE
(914) 765-3893 ---------------------
MBIA PLANS EQUITY AND DEBT OFFERINGS
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ARMONK, New York -- July 10, 1997 -- MBIA Inc. (NYSE: MBI), the holding company
for MBIA Insurance Corporation, announced today that it plans primary offerings
of one million common shares and $100 million of debentures. The underwriters
have been granted an option to purchase up to 150,000 additional common shares
to cover over-allotments. Proceeds of the offerings will be used to support
future needs of the company and for general corporate purposes. The offerings
will be made pursuant to a shelf registration statement which MBIA previously
filed with the Securities and Exchange Commission.
David H. Elliott, chairman and chief executive officer of MBIA, said, "These
offerings will provide the company with additional capital for future growth."
In addition, Mr. Elliott said, "MBIA's second quarter results are scheduled to
be released on August 5 and operating earnings are expected to be in line with
the First Call consensus estimate. We anticipate second quarter gross premiums
written to be up approximately 20 percent over the second quarter of last year."
MBIA Inc., through its wholly owned subsidiary, MBIA Insurance Corporation, is
the leading insurer of municipal bonds and structured finance transactions. MBIA
is also a leading provider of investment management and municipal services to
the public sector. MBIA Insurance Corporation has a claims-paying rating of
Triple-A from Moody's Investors Service, Inc., Standard & Poor's Ratings
Services and Fitch Investors Service.
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