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Fairfax files $5 Billion Universal Shelf Prospectus


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It looks as though Prem Watsa has something large in his sights...

 

Fairfax Files Universal Shelf Prospectus

 

17:02 EDT Tuesday, September 08, 2015

 

 

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TORONTO, ONTARIO--(Marketwired - Sept. 8, 2015) -

 

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES 

 

Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) has filed a preliminary short form base shelf prospectus with the Canadian securities regulatory authorities. The shelf prospectus will allow Fairfax to offer from time to time over a 25-month period up to Cdn$5.0 billion of debt, equity or other securities. Should Fairfax offer any securities, it will make a prospectus supplement available that will include the specific terms of the securities being offered.

 

The filing is intended to restore capacity under Fairfax's existing Cdn$2.0 billion shelf prospectus and to provide Fairfax with additional financial flexibility by increasing the total capacity to Cdn$5.0 billion.

 

Upon a receipt being issued for the final short form base shelf prospectus, Fairfax's existing base shelf prospectus will be withdrawn.

 

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

 

Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

 

 

 

Contact Information:

 

Fairfax Financial Holdings Limited

 

John Varnell

 

Vice President, Corporate Development

 

(416) 367-4941

 

 

 

 

 

©2015 CTVglobemedia Publishing Inc. All rights reserved.

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  • 2 weeks later...

Bad timing?

 

Pursuant to its existing normal course issuer bid for its Subordinate Voting Shares, Fairfax has purchased 127,309 of its Subordinate Voting Shares and 376,610 of its Series E Shares during the last twelve months at weighted average prices per share of Cdn.$671.76 and Cdn.$16.89, respectively.

 

http://www.marketwatch.com/story/fairfax-financial-holdings-limited-intention-to-make-a-normal-course-issuer-bid-for-subordinate-voting-shares-and-preferred-shares-2015-09-23

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Bad timing?

 

Pursuant to its existing normal course issuer bid for its Subordinate Voting Shares, Fairfax has purchased 127,309 of its Subordinate Voting Shares and 376,610 of its Series E Shares during the last twelve months at weighted average prices per share of Cdn.$671.76 and Cdn.$16.89, respectively.

 

http://www.marketwatch.com/story/fairfax-financial-holdings-limited-intention-to-make-a-normal-course-issuer-bid-for-subordinate-voting-shares-and-preferred-shares-2015-09-23

 

It's on the higher-end of this year's trading range, but not terrible all things considered. Also, that's only CAD 85M worth of shares. That's right around 0.5% of shares outstanding so it's not like they gobbled up a ton. It does give us some hope that more share repurchases have/will commence if the price stays weak. I hadn't given that thesis much weight recently given that they didn't repurchase when it was delisted.

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if they were buying at an average $671 cdn....$578 today..

 

Fairfax is "loaded" with cash making almost 0 and add in hedging gains and bond gains this quarter....i would expect the buy backs to be substantial as I have reiterated on other threads. it makes economic sense...to take it further I would be very disappointed if buy backs were not "large" at these levels.

 

Dazel

 

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September 30, 2015 - 8:09 AM PDT

A.M. Best Assigns Issue Ratings to Fairfax Financial Holdings Limited"s New Shelf Registration and Preferred Shares

 

A.M. Best has assigned issue ratings of “bbb” to senior unsecured debt, “bbb-” to subordinated debt and “bb+” to preferred stock of the short-form base shelf prospectus filed on September 14, 2015 (Base Shelf Prospectus) of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) (TSX:FFH). Concurrently, A.M. Best has assigned an issue rating of “bb+” to the CAD 64,176,200 floating rate cumulative preferred shares (Series H Shares). The outlook for all ratings is stable. Fairfax’s issuer credit rating of “bbb”, its existing issue ratings and the ratings of its operating insurance subsidiaries are unchanged.

 

The assigned ratings of securities, which may be issued under the CAD 5 billion shelf registration statement, are consistent with the current issue ratings of Fairfax’s outstanding securities. The new Base Shelf Prospectus replaces Fairfax’s previously existing CAD 2 billion short-form base shelf prospectus filed in December 2014, which Fairfax has withdrawn. Consequently, the issue ratings for the previous short-form base shelf prospectus have been withdrawn.

 

The Series H Shares are related to the Preferred Shares Series G - CAD 200 million cumulative five-year rate reset shares issued by Fairfax in July 2010 (Series G Shares), which were convertible at the option of the holder of Series G Shares by tendering conversion notices no later than September 15, 2015, into Series H Shares on a one-for-one basis (subject to applicable restrictions on conversion), effective as of September 30, 2015. The quarterly floating dividend on the Series H Shares will be paid at an annual rate, calculated for each quarter, of 2.56% over the annual yield on three-month Government of Canada treasury bills.

 

This press release relates to rating(s) that have been published on A.M. Best"s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

 

A.M. Best Company is the world"s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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