BofA (BAC) Completes MBIA (MBI) Notes Tender; Blue Ridge Issues Notice of Default
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Bank of America Corp. (NYSE: BAC) has completed its previously announced offer to purchase for cash (the “Tender Offer”) any and all of the outstanding 5.70% Senior Notes due 2034 (the “Notes”) which were issued by MBIA Inc., a Connecticut corporation (NYSE: MBI), under an indenture dated November 24, 2004 (the “Indenture”).
Bank of America said that, as of the expiration of the Tender Offer, it received tenders from holders of approximately $136 million in aggregate principal amount of the Notes and that Blue Ridge Investments, L.L.C. (“Blue Ridge”), a wholly owned subsidiary of Bank of America, has accepted for purchase and paid for all such tendered Notes.
Bank of America also announced that, in a letter to MBIA and the trustee for the Notes, Blue Ridge has issued a notice of default under the Indenture caused by MBIA’s violation of its covenants under the Indenture through, among other things, the purported adoption of a proposed amendment in violation of the terms of the Indenture.
Bank of America said that, as of the expiration of the Tender Offer, it received tenders from holders of approximately $136 million in aggregate principal amount of the Notes and that Blue Ridge Investments, L.L.C. (“Blue Ridge”), a wholly owned subsidiary of Bank of America, has accepted for purchase and paid for all such tendered Notes.
Bank of America also announced that, in a letter to MBIA and the trustee for the Notes, Blue Ridge has issued a notice of default under the Indenture caused by MBIA’s violation of its covenants under the Indenture through, among other things, the purported adoption of a proposed amendment in violation of the terms of the Indenture.
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