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MBIA begins offer for preferred shares

 

Thursday, May 14,2009, 11:44:25 AM   Click:

ARMONK, N.Y._Bond insurer MBIA Inc. on Wednesday announced a tender offer for Series A through H perpetual preferred shares.

Holders will have the opportunity to tender some or all of their preferred shares at a price of $10,000 per share, plus accrued but unpaid dividends.

The tender offer will expire at 5 p.m. Eastern time on June 11.

Earlier this week, MBIA reported a better-than-expected first-quarter profit, but said its results were not necessarily based on the company's underlying performance, but rather on accounting rules and adjustments in the value of its own creditworthiness.

The price of MBIA common shares fell 30 cents, or 4.9 percent, to $5.84 in afternoon trading amid a broad market sell-off.

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