Fairfax Financial completes public offering of 12 million preferred shares; nets 291M Canadian

Fairfax Financial completes share offering

Fairfax Financial Holdings Ltd. said Tuesday that it has completed a public offering of 12 million preferred shares for total proceeds of about 300 million Canadian dollars.

The Toronto-based financial services holding company said that after commissions and expenses, the sale took in about CA$291 million ($286 million). The company, which owns insurance and investment management firms, said it plans to use the proceeds to build up its cash reserves, purchase marketable securities and pay down its debt, and for general corporate purposes.

The shares were sold by a syndicate of Canadian underwriters led by BMO Capital Markets, CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc.

(This version CORRECTS figures to Canadian dollars)