Transaction|May 4, 2011
Fairfax announces private offering of US$500 million senior notes
Torys acted as counsel to Fairfax Financial with a team that included David Chaikof, Thomas Yeo, Alison Harnick, Jim Welkoff, Catrina Card and Tom Miller.
On May 4, 2011, Fairfax Financial Holdings Limited (TSX: FFH, FFH.U) announced that it is offering US$500 million of its 5.8% senior notes due 2021 (the notes) at an issue price of 99.646. Fairfax intends to use the net proceeds from this offering, together with cash on hand, if necessary, to refinance an aggregate of US$500 million of existing notes issued by Fairfax and its subsidiaries. The offering is expected to close on or about May 9, 2011, subject to the satisfaction of customary conditions.
The offering is being made solely by means of a private placement either to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act (Securities Act), or to certain persons in offshore transactions pursuant to Regulation S under the Securities Act. The notes have not been and will not be registered under the Securities Act, and the notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The notes have not been and will not be qualified for sale under the securities laws of any province or territory of Canada and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions.
Fairfax Financial, headquartered in Toronto, is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Further information is found on Fairfax's website.
The offering is being made solely by means of a private placement either to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act (Securities Act), or to certain persons in offshore transactions pursuant to Regulation S under the Securities Act. The notes have not been and will not be registered under the Securities Act, and the notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The notes have not been and will not be qualified for sale under the securities laws of any province or territory of Canada and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions.
Fairfax Financial, headquartered in Toronto, is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Further information is found on Fairfax's website.