MBIA subsidiary National sells $231M PREPA bond claims, monetizing salvage asset at discount

MBIA INC

National sold $231M face amount of PREPA bankruptcy bonds (~22% of current bond claims) in a private transaction.
Bonds were fully satisfied by National's insurance claim payments; sale at discount to previous carrying value.
Transaction reduces potential volatility and ongoing risk around the PREPA credit.
Similar $199M sale occurred in October 2021; no material additional matured PREPA claims remain for sale.

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