MBIA Inc. (NYSE:MBI) (the Company) today announced that the Company’s
Board of Directors has authorized the repurchase by the Company or its
subsidiaries of up to $100 million of its outstanding shares under a new
share repurchase authorization. The Company’s prior authorization, which
was announced on July 29, 2015, has been fully expended. Repurchases by
the Company or its subsidiaries under the new repurchase program will be
subject to available liquidity, general market and economic conditions,
alternate uses for its capital and other factors. Acquisitions in the
repurchase program may be made from time to time in open market
transactions, block trades or in private transactions in accordance with
applicable securities laws and regulations and other legal requirements.
There is no minimum number of shares that the Company is required to
repurchase and the repurchase program may be suspended or discontinued
at any time without prior notice.
In 2015 to date, the Company and its subsidiaries have repurchased 38.9
million of the Company’s outstanding shares at a total cost of $297
million, which has reduced the Company’s outstanding common stock to 153
million shares.
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 www.mbia.com.
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