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Fairfax Sold C$200 million notes


berkshiremystery
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Fairfax sold C$200 million ($204 million) of 10-year debt. The 5.84 percent notes, due Oct. 14, 2022, were priced at 99.963 to yield 5.845 percent, or 403.9 basis points over the Canadian government benchmark. The investment dealer arm of Bank of Montreal was the bookrunning manager for the Fairfax notes.

 

Fairfax Financial Holdings sells C$200 mln notes-term sheet

http://www.reuters.com/article/2012/10/10/fairfaxfinancial-debt-sale-idUSL1E8LAIBQ20121010?type=marketsNews

 

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Moody's rates Fairfax Financial Holdings notes Baa3

http://www.reuters.com/article/2012/10/11/fairfaxfinancial-brief-idUSWNA731320121011

 

S&P rates Fairfax Financial Holdings

http://www.reuters.com/article/2012/10/11/idUSWNA733020121011?type=marketsNews

 

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Hmmm...  So they're getting $260m from selling Cunningham Lindsey and now they're looking for $200m more from debt markets.  So what are they doing with the $460m?  There is no meaningful amount of debt maturing any time soon and the subs are generally well-capitalized with strong dividend capacity so hold-co cash could be easily augmented without going to the market...

 

Is Prem getting ready to do some "Christmas shopping?"  Wonder what's on his Christmas list?

 

 

SJ

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