By Cristal Cody
Tupelo, Miss., April 24 – Fairfax Financial Holdings Ltd. sold $650 million of 10-year senior notes (Baa3/BBB-) at par to yield 4.625% in a Rule 144A and Regulation S transaction on Friday, according to a market source and a press release.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BMO Capital Markets Corp. and RBC Capital Markets, LLC were the bookrunners.
Fairfax held investor calls on Thursday.
Proceeds will be used to repay outstanding debt under the company’s revolving credit facility, with any remaining proceeds used to repay outstanding debt and for general corporate purposes.
Fairfax Financial is a Toronto-based holding company for subsidiaries in the property and casualty insurance business.
| Issuer: | Fairfax Financial Holdings Ltd.
|
| Amount: | $650 million
|
| Maturity: | April 29, 2030
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BMO Capital Markets Corp. and RBC Capital Markets, LLC
|
| Coupon: | 4.625%
|
| Price: | Par
|
| Yield: | 4.625%
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Fixed income investor calls
|
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