Fairfax Financial Holdings Limited announced the completion of an underwritten public offering of 9,000,000 shares of Odyssey Re Holdings Corp. common stock at a price of US$34.60 per share (See IJ web site Nov. 27).
Net proceeds to Fairfax were approximately US$300 million. Fairfax also noted that it has “granted the underwriters an option to purchase up to 1,350,000 additional shares of common stock to cover over-allotments, if any. The offering was jointly led by Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC.”
Fairfax will continue to be Odyssey Re’s the majority shareholder.
The Company said it would use the “proceeds it received from the offering for general corporate purposes, which may include opportunistically effecting open market or privately negotiated repurchases of its outstanding debt or shares. Odyssey Re did not receive any proceeds from the sale of the shares.”
Sou
rce: Fairfax Financial
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