Odyssey Re gets needed consents to amend 7.65%, 6 7/8% senior notes

By Devika Patel

Knoxville, Tenn., July 20 - Odyssey Re Holdings Corp. said it received the requisite consents to amend the reporting covenants of the indenture governing its $225 million of 7.65% senior notes due 2013 and its $125 million of 6 7/8% senior notes due 2015.

The consent solicitation expired at 5 p.m. ET on July 20.

The amendment will allow Odyssey Re to provide statutory quarterly financial statements and audited statutory year-end financial statements as filed with applicable state insurance regulators and quarterly and year-end financial information extracted from the segment information for Odyssey Re that parent company Fairfax Financial Holdings Ltd. makes publicly available in Fairfax's quarterly and annual financial statements.

This information will be provided to the trustee and posted on Odyssey Re's web site in lieu of the reports Odyssey Re currently files with the Securities and Exchange Commission.

Holders will receive $10 per $1,000 principal amount of notes for which consents were received.

Odyssey Re, located in Stamford, Conn., provides property and casualty reinsurance products.

Fairfax is a Toronto-based provider of property and casualty insurance and reinsurance and investment management services.

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