Fairfax Completes $250 Million Offering of Preferred Shares
05 Ottobre 2009 - 3:18PM
Marketwired
(Note: All dollar amounts in this press release are expressed in
Canadian dollars.)
Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH) has
completed its previously announced public offering of Cumulative
5-Year Rate Reset Preferred Shares, Series C (the "Series C
Shares") in Canada. As a result of the underwriters exercising
their $50 million option in full, Fairfax issued an additional
2,000,000 Series C Shares for a total issue of 10,000,000 Series C
Shares and total gross proceeds of $250 million. Net proceeds of
the issue, after commissions and expenses, are approximately $243
million.
The Series C Shares were sold through a syndicate of Canadian
underwriters led by Scotia Capital, RBC Capital Markets and BMO
Capital Markets, and that also included CIBC World Markets Inc., TD
Securities Inc., National Bank Financial Inc., Cormark Securities
Inc., GMP Securities L.P., Desjardins Securities Inc. and HSBC
Securities (Canada) Inc.
Fairfax intends to use the net proceeds of the offering to
augment its cash position, to increase short term investments and
marketable securities held at the holding company level, to retire
outstanding debt and other corporate obligations from time to time,
and for general corporate purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The securities have not been and will not be registered under the
United States Securities Act of 1933.
Fairfax is a financial services holding company which, through
its subsidiaries, is engaged in property and casualty insurance and
reinsurance and investment management.
Contacts: Fairfax Financial Holdings Limited Greg Taylor Chief
Financial Officer (416) 367-4941 Media Contact: Fairfax Financial
Holdings Limited Paul Rivett Chief Legal Officer (416) 367-4941
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