By Cristal Cody
Tupelo, Miss., Nov. 29 – Fairfax Financial Holdings Ltd. priced an upsized C$650 million of 4.25% 10-year senior notes (Baa3/BBB-//DBRS: BBB) at 99.992 to yield 4.251% on Tuesday, according to additional details in a final term sheet.
The deal was upsized from C$450 million.
BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. were the bookrunners.
The company plans to use the proceeds to refinance or repay outstanding debt or other corporate obligations of Fairfax and its subsidiaries 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: | C$650 million
|
| Maturity: | Dec. 6, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc.
|
| Co-managers: | CIBC World Markets Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Citigroup Global Markets Canada Inc. and Desjardins Securities Inc.
|
| Coupon: | 4.25%
|
| Price: | 99.992
|
| Yield: | 4.251%
|
| Call feature: | Make-whole call before Sept. 6, 2027 at greater of Government of Canada yield plus 59.5 bps and par; thereafter at par
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| DBRS: BBB
|
| Distribution: | Canada
|
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