Transaction|January 21, 2013
Fairfax completes $250 million reopening of 5.84% senior notes due 2022
Torys acted as counsel to Fairfax Financial with a team that included David Chaikof, Thomas H. Yeo, Robbie Leibel and Stephen Abrahamson.
On January 21, 2013, Fairfax Financial Holdings Limited (Fairfax Financial) completed its previously announced offering of $250 million in aggregate principal amount of a reopening of 5.84% Senior Notes due 2022 at a price of $103.854 per $100 principal amount, plus accrued interest, for an effective yield to maturity of 5.326%. The original issuance of the Senior Notes was completed in October 2012. An aggregate of $450 million of such Senior Notes remains outstanding after giving effect to this offering. Net proceeds of the issue, after commissions and expenses of the issue, are approximately $259 million.
The Senior Notes were offered through a syndicate of dealers led by BMO Capital Markets, Bank of America Merrill Lynch, CIBC, RBC Capital Markets and Scotiabank Global Banking and Markets, that included TD Securities, Citi Global Markets Canada, Cormark Securities, Canaccord Genuity, GMP Securities, HSBC Securities and National Bank Financial. The Senior Notes are unsecured obligations of Fairfax and pay a fixed rate of interest of 5.84% per annum.
Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Further information can be found on Fairfax Financial's website.
The Senior Notes were offered through a syndicate of dealers led by BMO Capital Markets, Bank of America Merrill Lynch, CIBC, RBC Capital Markets and Scotiabank Global Banking and Markets, that included TD Securities, Citi Global Markets Canada, Cormark Securities, Canaccord Genuity, GMP Securities, HSBC Securities and National Bank Financial. The Senior Notes are unsecured obligations of Fairfax and pay a fixed rate of interest of 5.84% per annum.
Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Further information can be found on Fairfax Financial's website.