Fairfax Financial Holdings Ltd will buy another $250 million worth of BlackBerry Ltd's convertible debentures, the companies said Wednesday, providing the struggling smartphone maker with much-needed cash.
$250 million more debentures
The move by Fairfax, the Canadian property and casualty insurer run by investment guru Prem Watsa, will double the company's holdings of BlackBerry's debt. Fairfax also owns a 9.9 percent equity stake in BlackBerry, making it the company's largest shareholder.
Fairfax is exercising a previously announced option linked to BlackBerry's recent $1 billion debt financing, in which it had initially bought $250 million.
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