Due to deterioration in the market value and liquidity of its assets resulting from market volatility in the third quarter, the ALM business was required to use a portion of its free cash to support increased collateral requirements under market value-based intercompany lending facilities, derivative counterparty collateral support agreements and guaranteed investment contracts. Consequently, it requested and received an extension of its original $2.0 billion secured loan from MBIA Corp. which was scheduled to mature in November 2011. Under its revised terms, the secured loan now matures in the second quarter of 2012 and is subject to a maximum outstanding balance of $450 million. The secured loan had an outstanding balance of $600 million as of September 30, 2011, with additional payments after the end of the quarter resulting in a current outstanding balance of $300 million.Conference Call
MBIA Inc. Reports Third Quarter 2011 Financial Results
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