MBIA Reports Repurchase Of 7.6 Mln Shares Of Its Common Stock

(RTTNews) - Bond insurer MBIA Inc. (MBI) said it has agreed to repurchase 7.6 million of its common shares in connection with the sale by investment funds affiliated with Warburg Pincus LLC of their remaining 18.4 million shares of the company.

The repurchase transaction, together with open market share repurchases, will bring the total number of shares bought back since the company reported its second quarter financial results on August 4, to 10.4 million shares at an average price of $6.42.

Following the completion of the repurchase transaction, 158 million of the company's common shares will be outstanding and $33 million of authorized capacity will remain under the share repurchase program announced by the company on July 29.