Opérations et transactions|6 octobre 2010
Fairfax Financial completes C$300 million preferred shares offering
Torys acted as counsel to Fairfax Financial with a team that included David Chaikof, Thomas Yeo, Robbie Leibel and Raymond Archer.
On October 6, 2010, Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announced the completion of its previously announced public offering of preferred shares, Series I (the Series I Shares) in Canada. As a result of the underwriters' exercising in full their option to purchase an additional 2,000,000 Series I Shares, Fairfax has issued 12,000,000 Series I Shares for gross proceeds of C$300 million. The net proceeds of the issue, after commissions and expenses, are approximately C$291 million. 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.
The Series I Shares were sold through a syndicate of Canadian underwriters led by BMO Capital Markets, CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc., and that also included TD Securities Inc., National Bank Financial Inc., Cormark Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Desjardins Securities Inc. and HSBC Securities (Canada) Inc.
The securities have not been and will not be registered under the United States Securities Act.
Fairfax Financial is a financial services holding company.
Further information is found on Fairfax's website.
The Series I Shares were sold through a syndicate of Canadian underwriters led by BMO Capital Markets, CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc., and that also included TD Securities Inc., National Bank Financial Inc., Cormark Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Desjardins Securities Inc. and HSBC Securities (Canada) Inc.
The securities have not been and will not be registered under the United States Securities Act.
Fairfax Financial is a financial services holding company.
Further information is found on Fairfax's website.