Fairfax begins one-year issuer bid for eight series of preferreds

By Susanna Moon

Chicago, Sept. 23 – Fairfax Financial Holdings Ltd. said it plans to begin a one-year normal course issuer bid on Sept. 28 for a number of series of notes.

Fairfax's board of directors has approved the purchase of up to

• 800,000 of its 22,034,939 outstanding subordinate voting shares, or 3.7% of the public float;

• 601,538 of its 6,016,384 outstanding cumulative five-year rate reset preferred shares, series C;

• 398,361 of its 3,983,616 outstanding cumulative floating rate preferreds, series D;

• 405,134 of its 4,051,346 outstanding cumulative five-year rate reset preferreds, series E;

• 357,204 of its 3,572,044 outstanding cumulative floating-rate preferreds, series F;

• 1 million of its 10 million outstanding cumulative five-year rate reset preferreds, series G;

• 1.2 million of its 12 million outstanding cumulative five-year rate reset preferreds, series I;

• 950,000 of its 9.5 million outstanding cumulative five-year rate reset preferreds, series K; and

• 920,000 of its 9.2 million outstanding cumulative five-year rate reset preferreds, series M.

The number of preferreds approved for purchase represents about 10% of the public float, according to a company notice.

The issuer bid will run until Sept. 27, 2016.

Fairfax said that it may enter into a predefined plan with its broker to purchase the shares or preferreds from time to time.

Under its existing normal course issuer bid for the subordinate voting shares, Fairfax said it has purchased 127,309 of its subordinate voting shares and 376,610 of its series E shares during the last 12 months at weighted average prices per share of C$671.76 and C$16.89, respectively.

The Toronto-based financial services holding company owns property and casualty insurance and reinsurance and investment management subsidiaries.

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