SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 15, 2001
Date of Earliest
Event Reported: March 15, 2001
MBIA Inc.
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(Exact name of registrant as specified in its character)
Connecticut 1-9583 06-1185706
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(State of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
113 King Street, Armonk, New York 10504
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(Address of principal executive offices) (Zip Code)
(914)273-4545
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
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On March 15, 2001, the Company announced that its Board of Directors approved a
3-for-2 stock split by means of a stock dividend. The press release making such
announcement is filed herewith.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MBIA Inc.
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(Registrant)
Date: March 16, 2001 By /s/ Neil G. Budnick
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Name: Neil G. Budnick
Title: Chief Financial Officer
MBIA INC.
113 King Street
Armonk, NY 10504
(914) 273-4545
Contact: Michael Ballinger FOR IMMEDIATE RELEASE
(914) 765-3893 ---------------------
MBIA INC. ANNOUNCES 3-FOR-2 STOCK SPLIT AND DIVIDEND INCREASE
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ARMONK, New York - March 15, 2001 - MBIA Inc. (NYSE: MBI) announced today that
its Board of Directors approved a 3-for-2 stock split by means of a stock
dividend. The Board also increased the company's quarterly dividend 10 percent
to 22.5 cents per share from 20.5 cents per share.
The 3-for-2 stock split will be accomplished through a stock dividend which will
be distributed on April 20 to shareholders of record as of April 2.
MBIA's increased quarterly dividend will be payable on a pre-split basis on
April 16 to shareholders of record as of March 26.
Neil G. Budnick, chief financial officer of MBIA, said, "The Board of Directors'
decision to split the stock should make our shares more attractive to a wider
range of investors and enhance the liquidity of our stock. The dividend increase
reflects the positive outlook for MBIA's businesses, and our ability to generate
steady and predictable earnings growth in the 12 to 15 percent range. This
increase reflects the company's strong capital position as we continue to build
shareholder value."
MBIA Inc., through its subsidiaries, is the world's preeminent financial
guarantor and a leading provider of specialized financial services. MBIA
provides innovative and cost-effective products and services that meet the
credit enhancement, financial and investment needs of its public and private
sector clients, domestically and internationally. MBIA Insurance Corporation has
a financial strength rating of Triple-A from Moody's Investors Service, Standard
& Poor's Ratings Services, Fitch and Rating and Investment Information, Inc.
Please visit MBIA's web site at http://www.mbia.com.