Fairfax Financial Holdings Limited has announced the results to date of its registered offer to exchange all of its outstanding 7-3/4 percent Notes due 2012 (the “old notes”) for new 7-3/4 percent Senior Fairfax Notes due 2017 (the “new notes”).
As of midnight, New York City time, on May 30, 2007, which was the early participation date for the exchange offer, a total of $280,865,000* principal amount of old notes had been tendered.
Fairfax said that based on these results, it “expects to issue approximately $280,865,000 principal amount of new notes and pay approximately $11.2 million in cash early participation payments to tendering holders, plus accrued and unpaid interest to but not including the settlement date -” June 18, 2007. The previous condition – that a minimum of $200 million principal amount of old notes be tendered (and not withdrawn) – has now been satisfied.
The exchange offer, which remains subject to certain customary conditions, will expire at 9:00 a.m., New York City time, on June 14, 2007, unless extended.
* Amounts are in U.S.$
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