The London and New York offices of Debevoise & Plimpton LLP have advised MBIA Insurance Corporation (“MBIA”) in the sale, through its wholly owned subsidiary MBIA UK (Holdings) Limited (“MBIA UK Holdings”), of MBIA UK Insurance Limited (“MBIA UK”) to Assured Guaranty Corp. (“Assured”).
The purchase price consists of the transfer to MBIA UK Holdings of notes issued by Zohar II 2005-1 CLO with an aggregate outstanding principal amount of approximately $347 million, and a cash payment by MBIA UK Holdings to Assured of $23 million.
The transaction is subject to certain closing conditions including the receipt of regulatory approvals from the Prudential Regulation Authority of the United Kingdom, the New York State Department of Financial Services and the Maryland Insurance Administration. The transaction is scheduled to close in early January of 2017.
The Debevoise team advising MBIA was led by London partner James C. Scoville, London senior associate Benjamin Lyon, and New York partner Nicholas F. Potter. The team also included London partner David Innes, and London associates Jacqueline Eaves, Timothy Merchant, and Christopher Salz. Tax advice was provided by London partner Richard Ward and New York partner Peter F. G. Schuur, as well as London associate Ceinwen Rees. Employment advice was provided by London associate Christopher Garrett.
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