MBIA Announces $100 Mln New Stock Buyback Authorization

(RTTNews) - Bond insurer MBIA Inc. (MBI) said Wednesday that its Board of Directors has authorized the repurchase of up to $100 million of its outstanding shares under a new share repurchase authorization, which supersedes and terminates the prior authorization.

The prior authorization had about $61 million of unused capacity at the time it was terminated.

In 2015 to date, the company and its subsidiaries have repurchased 23.4 million of the company's outstanding shares at a total cost of $197 million. The amount included 11.6 million shares at a cost of $102 million in the second quarter, of which 8 million shares were purchased by National Public Finance Guarantee Corp., the company's U.S. municipal bond insurance subsidiary, at a cost of $70 million in conjunction with a secondary offering by Warburg Pincus LLC.