NEW YORK (AP) -- Bond insurer MBIA Inc. said Wednesday it plans to sell $750 million in common stock as it tries to maintain its crucial "AAA" financial strength rating.
MBIA will offer about 50.3 million shares of common stock -- at about $14.91 per share -- to raise the funds, which it will place in reserve to cover potential future claims.
Warburg Pincus, which has already directly invested $500 million in MBIA, will backstop the offering in exchange for preferred stock, covering shares not sold in the sale.
MBIA also raised $1 billion through a private offering of surplus notes in January.
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http://biz.yahoo.com/ap/080206/mbia_stock_offer.html
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