Fairfax Financial 5% debentures will be convertible through first quarter

By Devika Patel

Knoxville, Tenn., Jan. 2 - Fairfax Financial Holdings Ltd. said that holders of its 5% convertible senior debentures due 2023 may elect to convert their holdings at any time during the first quarter of 2008.

The conversion opportunity arose because the company's subordinated voting shares sale price exceeded 120% of the conversion price of the debentures, $212.50, for at least 20 of the last 30 trading days of 2007's fourth quarter, meeting the conversion condition.

The Bank of New York is the trustee and conversion agent for the notes.

Fairfax Financial is a Toronto-based insurer.

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