ARMONK, N.Y.-- MBIA Inc. has completed a new $225 million credit line with a group of seven major banks. The new line, which replaces existing facilities, will continue to provide for general corporate liquidity and future growth, and increases MBIA's aggregate credit lines to $825 million.
The facility is available to both MBIA Inc. and its wholly owned subsidiary, Municipal Bond Investors Assurance Corp., and has a three-year term that may be renewed annually. Wachovia Bank of Georgia is the agent bank for the facility, which includes Banco Santander, Sumitomo Bank, Chase Manhattan Bank, Commerzbank, Industrial Bank of Japan, and NBD Bank.
MBIA is the leading insurer of municipal bonds.