Fairfax Financial completes C$237.5 million offering of preferred shares

Torys acted as counsel to Fairfax Financial with a team that included David Chaikof, Philip Mohtadi, Robbie Leibel, Stephen Abrahamson and Raymond Archer.

On March 21, 2012, Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announced the completion of its previously announced public offering of preferred shares, Series K (the Series K Shares) in Canada. As a result of the underwriters' exercising their option to purchase an additional 1,500,000 Series K Shares, Fairfax has issued 9,500,000 Series K Shares for gross proceeds of C$237.5 million. The net proceeds of the issue, after commissions and expenses, are approximately C$230 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 K 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., Cormark Securities Inc., Desjardins Securities Inc., GMP Securities L.P. and National Bank Financial 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.