Fairfax announces cash tender offer for senior notes by modified Dutch auction

On January 30, 2017, Fairfax Financial Holdings Limited ("Fairfax") announced the commencement of cash tender offers to purchase a targeted aggregate principal amount of notes of up to C$250 million, by way of a modified "Dutch Auction", consisting of its outstanding 7.50% senior notes due 2019, 7.25% senior notes due 2020 and 6.40% senior notes due 2021. Fairfax will be funding the cash tender offers with the proceeds of its recently-completed public offering of 4.70% senior notes due 2026.

The offers were originally set to expire at 5:00 p.m. (EST) on February 23, 2017, but were extended to 5:00 p.m. (EST) on March 10, 2017.

The final results and pricing of the offers were announced on March 13, 2017. Following completion of the offers, Fairfax will have (i) C$388,362,000 aggregate principal amount of 7.50% senior notes due 2019 outstanding, (ii) C$267,269,000 aggregate principal amount of 7.25% senior notes due 2020 outstanding, and (iii) C$395,595,000 aggregate principal amount of 6.40% senior notes due 2021 outstanding.

Fairfax is a 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's website.