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FFH $1B Mixed Shelf...


Crip1
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Philipe,

 

You're right...I looked at the story and not at the press release which clearly states that this is to "...restore the capacity which was available to Fairfax prior to its recent offering of Senior Notes which closed on August 18, 2009."

 

Apologies for the false alarm...we will now return to your regular programming.

 

-Crip

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"...restore the capacity which was available to Fairfax prior to its recent offering of Senior Notes which closed on August 18, 2009."

 

So, $1 billion U.S. minus $400 million CDN = $630 million U.S. left (this debt issue was the only item that took away some of that capacity since the shelf was filed in April 08)

 

That is a lot of flexibility left over if you ask me combined with $880 million (+) U.S. in cash and investments + this $400 million CDN or $1.25 billion U.S. minimum currently available at holdco.

 

On top of that, if history is any guide, it takes only 7 days for that universal shelf prospectus to become final and for new securities to be issued. Nonetheless, I like people who are proactive.  ;)

 

In any case for those interested, Odyssey Re needs to trade today at $55 to roughly match Fairfax current valuation on a price to book basis.

 

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