Moody's Cuts MBIA's (MBI) Senior Debt Rating to Caa1 from B2, Developing Outlook (BAC)

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Go back to Moody's Cuts MBIA's (MBI) Senior Debt Rating to Caa1 from B2, Developing Outlook (BAC)

MBIA (MBI) Recommends Note Holders Reject BofA (BAC) Offer

November 20, 2012 11:22 AM EST

MBIA Inc. (NYSE: MBI) recommends rejection of the unsolicited tender offer by Bank of America Corporation (NYSE: BAC) on November 13, 2012 to purchase all of MBIAs outstanding 5.70% Senior Notes due 2034. MBIA Inc. is the parent of MBIA Insurance Corporation.

MBIA arrived at this position after considering all of the facts and circumstances surrounding BOAs unsolicited... More

Moody's Says BofA's (BAC) Move to Block Consent Solicitation is 'Credit Negative' for MBIA (MBI)

November 19, 2012 1:56 PM EST

On November 7, 2012, MBIA Inc. (NYSE: MBI) announced the commencement of a consent solicitation to amend the Indentures governing its 6.40% Senior Notes due 2022, 7.00% Debentures due 2025, 7.15% Debentures due 2027, 6.625% Debentures due 2028 and 5.70% Senior Notes due 2034. The announcement and the Consent Solicitation Statement are included as Exhibits 99.2 and 99.3, respectively, to MBIAs Current Report on Form 8-K filed on November 7, 2012. The Consent Solicitation expires at 5:00 p.m., New York City Time, on November 21, 2012, unless extended.

On November 19, 2012, Moodys Investors Services, Inc. issued an Issuer Comment indicating that the commencement of the tender offer by Bank of America... More