Nov 28 (Reuters) - Mbia Inc
* Announces financing commitment for mbia insurance corporation
* Accepted a binding commitment letter dated November 25, 2016, from certain holders of 14 pct fixed-to-floating rate surplus notes of MBIA Corp
* As per commitment, surplus noteholders or their affiliates have agreed to provide senior financing to MBIA Insurance of up to $325 million
* Company has agreed to provide subordinated financing of $38 million to MBIA Corp.
* MBIA Corp will use proceeds of facility to pay anticipated claim on its insurance policy insuring certain notes
* Co has agreed to provide up to an additional $50 million of subordinated financing to Mbia Corp under facility to provide additional liquidity
* Closing of facility (MBIA Corp.) is expected to occur no later than January 20, 2017 Source text for Eikon: Further company coverage: