Manulife Joins Blackberry Debt Offering

[Parsad]

So you have the Qatari fund, plus Brookfield and Markel...now Manulife.  Thanks to Lotsofcoke for the link!  Cheers!

 

http://business.financialpost.com/2013/11/08/manulife-blackberry-debt-offering/?__lsa=2bfe-a0e9

[Grenville]

Thanks for posting!

 

I wonder what happened. BAM reduced their stake from $50mln to 10mln and Markel from 100mln to 70mln.

 

Do people think investors in BAM pushed back, wondering why they were investing in BB? It would be interesting to know what drove the change.

[Grenville]

here is the filing with the new breakout of investors:

 

http://www.sec.gov/Archives/edgar/data/915191/000119312513435223/d625754dex4.htm

[Parsad]

Thanks for posting!

 

I wonder what happened. BAM reduced their stake from $50mln to 10mln and Markel from 100mln to 70mln.

 

Do people think investors in BAM pushed back, wondering why they were investing in BB? It would be interesting to know what drove the change.

 

Relative to their assets?  Not likely.  I'm guessing Fairfax wanted to close this thing and with close friends.  Looks like Markel and BAM made room for others who wanted to join the party late.

 

Interestingly enough, Lawrence Chin who went to high school with me and worked at Cundill, is now Senior VP at Mackenzie.  I didn't now him very well, but I've followed his career over the last ten years.  Good for him!  I know Tim's always had nice things to say about him.  Cheers!

[Alekbaylee]

Thanks for posting!

 

I wonder what happened. BAM reduced their stake from $50mln to 10mln and Markel from 100mln to 70mln.

 

Do people think investors in BAM pushed back, wondering why they were investing in BB? It would be interesting to know what drove the change.

 

Relative to their assets?  Not likely.  I'm guessing Fairfax wanted to close this thing and with close friends.  Looks like Markel and BAM made room for others who wanted to join the party late.

 

Interestingly enough, Lawrence Chin who went to high school with me and worked at Cundill, is now Senior VP at Mackenzie.  I didn't now him very well, but I've followed his career over the last ten years.  Good for him!  I know Tim's always had nice things to say about him.  Cheers!

 

Apparently, they had to reduce their stake to make room for Manulife...

 

Manulife Asset Management Ltd., which revealed its investment in a document filed with the U.S. Securities and Exchange Commission, is purchasing $70-million of BlackBerry’s debt. Because the full $1-billion had already been bought up by other firms, Manulife’s purchase was enabled by Brookfield Asset Management Inc. and Markel Corp. trimming back their previously revealed positions.

 

Brookfield, which said it bought in on behalf of clients, reduced its $50-million stake to $10-million, while Markel pared back a $100-million investment to $70-million. The firms with the largest stake in BlackBerry’s debt are Fairfax, with $250-million; Mackenzie Financial Corp, with $200-million; and Canso Investment Counsel Ltd., which purchased $300-million, the largest stake.

 

http://www.theglobeandmail.com/report-on-business/manulife-buys-into-blackberry-financing-deal/article15355818/

[alertmeipp]

So, if you can choose, how would you rate buying the common vs. this convert?

 

The convert seems much better deal than common?