Fairfax buys back $60.3 million notes

New York, Sept. 20 - Fairfax Financial Holdings Ltd. said it bought back $60.3 million of its 7 3/8% senior notes due 2006 and TIG's 8 1/8% senior notes due 2005.

The cost was $65.1 million including accrued interest.

Funding for the repurchases came from the Toronto financial services company's recent offering of $95 million 7¾% senior notes due 2012.

Fairfax said it is continuing to look for opportunities to buy back its notes due 2005, 2006 and 2008 depending on market conditions.

Since it began buybacks earlier this year, Fairfax has issued $266 million of the 7¾% senior notes due 2012 and reduced the old debt to $267.9 million from $542.7 million.

Specifically, the TIG notes have been reduced to $38.6 million from $97.7 million, the 7 3/8% notes to $130.3 million from $275 million and the 6 7/8% notes to $99.0 million from $170 million.

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