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Jan. 10, 2017

Kramer Levin Clients Commit $325 Million of Financing to MBIA Insurance Corp.

On Nov. 25, 2016, Kramer Levin clients holding Surplus Notes of MBIA Insurance Corp. (“MBIA Corp.”) entered into an agreement to provide MBIA Corp. with $325 million of financing. The financing allows MBIA Corp. to pay insurance claims on its policy insuring notes issued by the Zohar II collateralized loan obligation, which matured in January 2017. As part of the transaction, MBIA Inc., the parent company of MBIA Corp., committed to provide MBIA Corp. with $88 million of incremental subordinated financing. The financing transaction closed on Jan. 10, 2017, following approval of the New York Superintendent of Financial Services.

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