Fairfax to Raise $1 Billion in Equity Offering
08 Setembro 2009 - 9:05AM
Marketwired
(Note: All dollar amounts in this press release are expressed in
U.S. dollars.)
Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH)
announces that it intends to offer 2,881,844 subordinate voting
shares at a price of $347.00 per share, which would result in
aggregate gross proceeds of $1 billion. Fairfax has entered into an
agreement with a syndicate of underwriters co-led by CIBC, as sole
bookrunner, BofA Merrill Lynch and Scotia Capital that also
includes BMO Capital Markets, RBC Capital Markets, Cormark
Securites, GMP Securities and Citigroup pursuant to which the
underwriters have agreed to purchase from Fairfax and sell to the
public 600,000 subordinate voting shares. The remaining 2,281,844
subordinate voting shares will be offered by the syndicate on a
agency basis.
Fairfax intends to use the net proceeds of the offering to fund
the previously announced proposed acquisition of all of the
outstanding shares of common stock of Odyssey Re Holdings Corp.
that it does not currently own. There can be no assurance that such
acquisition will be completed. If the acquisition is not
successfully completed, Fairfax intends to use the net proceeds 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.
Fairfax intends to file a prospectus supplement to its short
form base shelf prospectus dated August 31, 2009 in respect of this
offering with the applicable Canadian and U.S. securities
regulatory authorities. Details of this offering will be set out in
the prospectus supplement which will be available on the SEDAR
website for Fairfax at www.sedar.com. A copy of the short form base
shelf prospectus and the prospectus supplement relating to the
offering may be obtained when it becomes available from CIBC (in
the United States from CIBC World Markets Corp., 425 Lexington
Avenue, 5th Floor, New York, New York, 10017, by fax at
212-667-6303 or by e-mail at useprospectus@us.cibc.com, or in
Canada from CIBC World Markets Inc. at 416-594-7270), BofA Merrill
Lynch (in the United States from BofA Merrill Lynch, One Bryant
Park, 8th floor, New York, NY, 10036, or in Canada from Merrill
Lynch Canada Inc., 181 Bay Street, 5th floor, Toronto, Ontario, M5J
2V8 or by fax at 416-369-7790) and Scotia Capital (in the United
States, Equity Capital Markets, 25th Floor, 165 Broadway, New York,
New York, 10006, or in Canada, Equity Capital Markets, 66th Floor,
Scotia Plaza, 40 King Street West, Toronto, Ontario, M5W 2X6).
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.
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
Fairfax (NYSE:FFH)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Fairfax (NYSE:FFH)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024