Preferred Stock Channel
Fairfax Financial Holdings Ltd | Cumulative 5-Year Rate Reset Preferred Shares, Series I (FFH.PRI.CA)

Prospectus excerpt:  Fairfax Financial Holdings Limited (“Fairfax” or the “Company”) is offering 10,000,000 Cumulative 5-Year Rate Reset Preferred Shares, Series I (the “Series I Shares”) at a price of Cdn$25.00 per share (the “Offering”). For the initial period commencing on the Closing Date (as defined herein) and ending on and including December 31, 2015 (the “Initial Fixed Rate Period”), the holders of Series I Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the board of directors of the Company (the “Board of Directors”), payable quarterly on the last business day of March, June, September and December in each year at an annual rate equal to Cdn$1.25 per share. The initial dividend, if declared, will be payable December 31, 2010 and will be Cdn$0.29795per share, based on the anticipated closing date of October 5, 2010. See “Details of the Offering”.

For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of Series I Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last business day of March, June, September and December in each year during the Subsequent Fixed Rate Period, in an annual amount per share determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by Cdn$25.00. The Annual Fixed Dividend Rate for each Subsequent Fixed Rate Period will be determined by the Company on the 30th day prior to the first day of such Subsequent Fixed Rate Period and will be equal to the sum of the Government of Canada Yield (as defined herein) on the date on which the Annual Fixed Dividend Rate is determined plus a spread of 2.85%. This spread will apply to both Series I Shares and Series J Shares (as defined herein) and will remain unchanged over the life of the Series I Shares and Series J Shares. See “Details of the Offering”.

Full Prospectus PDF », FFH.CA Page »

Series:I
Alternate symbology:FFH-I.CA, FFH-PI.CA, FFHprI.CA
Redeemable?:Yes
Call Date:12/31/2015 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Conversion Ratio:The holders of Series I Shares will have the right, at their option, to convert all or any of their shares into Cumulative Floating Rate Preferred Shares, Series J (the “Series J Shares”) of the Company, subject to certain conditions, on December 31, 2015 and on December 31st every five years thereafter. The holders of Series J Shares will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last business day of each Quarterly Floating Rate Period (as defined herein), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by Cdn$25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 2.85% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”.
Shares Offered:10000000
Overallotment:2000000
Liquidation Preference:$25
Recent Market Price:$19.22
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-5.78 (-23.12%)
Annualized Dividend:0.831752
Recent Ex-Date:6/14/2021
Current Yield:4.33%
Original Coupon:5.00%
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
CDx3 Compliance Rating: Learn FFH.PRI.CA's Rating
Fairfax Financial Holdings is a financial services holding company. Through its subsidiaries, Co. is engaged in property and casualty insurance and reinsurance and investment management. Co.'s insurance and reinsurance companies operate on a decentralized basis, with autonomous management teams applying a focused underwriting strategy to their markets. Co.'s investments are centrally managed for all the Co.'s group of companies by Hamblin Watsa Investment Counsel Ltd. Co. operates four main operating segments: Insurance, Reinsurance, Reinsurance and Insurance - Other, and Runoff.

Preferreds: FFH.PRC.CA, FFH.PRE.CA, FFH.PRG.CA, FFH.PRI.CA, FFH.PRK.CA


Open the FFH.CA Information Page »
Name:  Fairfax Financial Holdings Ltd
Website:  www.fairfax.ca
Sector:  Insurance Brokers
Number of ETFs Holding FFH.CA:  4 (see which ones)
Total Market Value Held by ETFs:  $10,559,157
Total Market Capitalization:  $11,321,000,000
% of Market Cap. Held by ETFs:  0.09%

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