Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH)(NYSE: FFH) announced today that it commenced an underwritten public offering to sell 9,000,000 shares of Odyssey Re Holdings Corp. common stock. Fairfax also said it “will grant the underwriters an option to purchase up to 1,350,000 additional common shares of common stock to cover over-allotments, if any. The proposed offering will be jointly led by Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC.”
Fairfax will continue to own a majority of the shares of Odyssey Re after the sale. The Group said it “intends to use the proceeds it receives from the proposed offering for general corporate purposes, which may include opportunistically effecting open market or privately negotiated repurchases of its outstanding debt or shares. Odyssey Re will not receive any proceeds from the sale of the shares.”
Odyssey Re has also made a similar announcement.
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