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Stories Stories Technology BlackBerry says Fairfax to buy $250 million more debentures

BlackBerry says Fairfax to buy $250 million more debentures

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Written by Aldine      April 24, 2014    
 
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BlackBerry says Fairfax to buy $250 million more debentures-cover.gif

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.

[Read Full article:  BlackBerry says Fairfax to buy $250 million more debentures ]

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Epicentre
Toronto, ON, Canada

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Author
Allison Martell
Contributor's Comment
BlackBerry Limited, formerly known as Research In Motion Limited, is a Canadian telecommunication and wireless equipment company best known as the developer of the BlackBerry brand of smartphones and tablets.
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