Fairfax Financial announces exchange offer for 7¾% notes

By Laura Lutz

Des Moines, May 10 - Fairfax Financial Holdings Ltd. launched a debt exchange offer for all of its $464.2 million outstanding principal amount of 7¾% notes due 2012.

For each $1,000 principal amount of 2012 notes tendered, the company will issue an equal amount of new 7¾% senior notes due 2022.

Investors who tender by midnight ET on May 23 will also receive an early participation payment of $30.00 per $1,000 principal amount of 2012 amounts.

Holders will receive accrued interest for the notes.

The exchange offer will expire at 9 a.m. ET on June 8.

The offer is not subject to any minimum or maximum participation condition.

Merrill Lynch & Co. (888 654-8637 or collect 212 449-4914); BMO Capital Markets Corp.; and Ferris, Baker Watts, Inc. are the dealer managers in the United States. Merrill Lynch Canada Inc. and BMO Nesbitt Burns Inc. are acting as dealer managers in Canada. D.F. King & Co, Inc. (888 628-9011) is the exchange agent and information agent.

Fairfax is a financial services company based in Toronto.

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