MBI MBIA increases share offering

Thursday, February 7, 2008

MBI MBIA increases share offering - WSJ (14.20 -0.08) -Update-

WSj reports that the bond-insurer MBIA Inc. boosted the size of a share offering to $1 bln from $750 mln after it was oversubscribed by investors, according to person close to the matter. Together with a previously announced $500 mln share-purchase by private-equity fund Warburg Pincus LLC and a $1 bln debt issue in January, the share offering brings the total amount of capital raised by MBIA to $2.5 bln. The Armonk, N.Y.-based company plans to use the proceeds of the offering to buttress its capital levels and preserve its coveted AAA credit rating, according to this person.