Fairfax Financial Holdings participates for $500 million convertibles
By Devika Patel
Knoxville, Tenn., Jan. 8 - BlackBerry Ltd. said an investor in its private placement of unsecured subordinated convertible debentures opted to exercise the deal's $250 million greenshoe, lifting the placement to $1.25 billion from $1 billion. Fairfax Financial Holdings Ltd. invested $500 million, increasing its investment by $250 million. The sale priced on Nov. 4.
The 6% debenture matures on Nov. 13, 2020. It converts to common stock at $10.00 per share, which is a 28.7% premium to $7.77, the Nov. 1 closing share price.
Proceeds will be used for the advancement of the company's Soledad Mountain Project.
The designer, manufacturer and marketer of wireless products for the worldwide mobile communications market is based in Waterloo, Ont.
Issuer: | BlackBerry Ltd.
|
Issue: | Unsecured subordinated convertible debenture
|
Amount: | $1.25 billion (including $250 million greenshoe)
|
Maturity: | Nov. 13, 2020
|
Coupon: | 6%
|
Conversion price: | $10.00
|
Warrants: | No
|
Investor: | Fairfax Financial Holdings Ltd. (for $500 million)
|
Pricing date: | Nov. 4
|
Upsized: | Jan. 8
|
Stock symbol: | Nasdaq: BBRY
|
Stock price: | $7.77 at close Nov. 1
|
Market capitalization: | $3.33 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.