Armonk, N.Y.-based MBIA Inc. said today it will attempt to raise $750 million by selling 50.3 million shares of its common stock. The move came a day after Fitch ratings placed the bond insurer's “triple-A” ratings on Rating Watch Negative.
Fitch said this would not change its stance.
MBIA said that private equity firm Warburg Pincus has agreed to backstop the offering by purchasing up to $750 million in convertible participating preferred stock, if necessary.
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