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Non-Tech : Bank of America

BAC 55.88

+1.1%

Dec 22 4:00 PM EST

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From: Sr K	11/13/2012 3:01:48 PM
	of 4366

Bank of America Offers to Buy MBIA Bonds to Avoid Debt Amendment By Charles Mead - Nov 13, 2012 2:21 PM ET Bank of America Corp. (BAC) offered to buy outstanding bonds of MBIA Inc. to block the insurer’s efforts to distance itself from a cash-strapped unit. The Charlotte, North Carolina-based lender said it would pay par for MBIA’s $329 million of 5.7 percent senior notes due in 2034 tendered by Nov. 27, and $950 between then and Dec. 11, according to a statement today. MBIA shares dropped 7.9 percent to $7.75 at 2:19 p.m. in New York. Completion of the offer is conditioned on a majority of the bonds being tendered, the bank said in the statement. To contact the reporter on this story: Charles Mead in New York at cmead11@bloomberg.net To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net bloomberg.com

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