Odyssey Re to sell $100 million of convertibles SHARCS

Nashville, Tenn., June 11 - Odyssey Re Holdings Corp. announced plans to sell $100 million of 20-year convertible debentures in the Rule 144A market.

There is a $10 million greenshoe. The debentures will rank equally in right of payment with all of the company's existing and future unsecured and unsubordinated debt.

Odyssey Re intends to use proceeds to repay existing debt.

New York-based Odyssey Re is the holding company for the reinsurance-related subsidiaries of Fairfax Financial Holdings Ltd.

Odyssey Re shares closed off 6c to $18.07.

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