Fairfax to redeem notes due 2022, 2023 via new notes due 2031

By Taylor Fox

New York, Feb. 24 – Fairfax Financial Holdings Ltd. plans to redeem its C$450 million outstanding 5.84% senior notes due 2022 and C$400 million outstanding 4.5% senior notes due 2023, according to a news release.

The notes will be redeemed using proceeds from a new C$850 million issue of 3.95% notes due 2031.

Any remaining proceeds will be used to refinance or repay other outstanding debt or corporate obligations of Fairfax and its subsidiaries and for general corporate purposes, which may include the redemption or repurchase of some of Fairfax’s other previously issued senior notes.

Fairfax Financial is a Toronto-based holding company for subsidiaries in the property and casualty insurance business.

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