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: January 30, 2001
Date of Earliest
Event Reported: January 30, 2001
MBIA Inc.
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(Exact name of registrant as specified in its charter)
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)
Page 1 of 4
ITEMS 1-4. Not applicable.
ITEM 5. OTHER EVENTS
As previously reported by MBIA Inc. ("MBIA"), its subsidiary, MBIA Insurance
Corporation ("MBIA Corp.") has issued financial guarantee insurance policies
("Guarantees") of first mortgage bonds and senior unsecured bonds (the "Bonds")
issued by Southern California Edison Company ("So Cal Ed") and PG&E Corporation
("PG&E"). Under its Guarantees of the Bonds, MBIA Corp. has direct net par
exposure of approximately $414 million to So Cal Ed and approximately $590
million to PG&E, of which approximately 60 percent are Guarantees of first
mortgage bonds with the remainder being Guarantees of senior unsecured bonds.
Total guaranteed debt service payments for the two utilities are approximately
$60 million in 2001 and $80 million in 2002. Attached hereto as Exhibit I is a
schedule listing the Bonds guaranteed by MBIA for each of So Cal Ed and PG&E by
maturity date (with CUSIP numbers), and attached hereto as Exhibit II is a
schedule of the aggregate net debt service of the Bonds. Exhibits I and II have
been posted on MBIA's web site at www.MBIA.com.
As previously announced, to date MBIA Corp. has made payments of $660,000 for
missed debt interest by So Cal Ed. MBIA currently expects no permanent losses
and expects total recovery of the debt service payments that were made. In the
event that either So Cal Ed or PG&E files for bankruptcy, however, there can be
no assurance that MBIA Corp. will recover all of the payments it may make under
its Guarantees of the Bonds.
ITEM 6. Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
I List of So Cal Ed and PG&E Guaranteed Bonds by Maturity
Date as of 12/31/00
II Net Debt Service Schedule of So Cal Ed and PG&E Guaranteed
Bonds
ITEM 8. Not applicable.
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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: January 30, 2001 By /s/ Ram D. Wertheim
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Name: Ram D. Wertheim
Title: General Counsel
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EXHIBIT INDEX
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Exhibit No. Description
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I List of So Cal Ed and PG&E Guaranteed Bonds by Maturity Date as of
12/31/00
II Net Debt Service Schedule of So Cal Ed and PG&E Guaranteed Bonds