If you've been keeping up with all of the BBRY business you've probably got your head in a spin, but BlackBerry dropped another quick announcement today to keep everyone in the loop. The $1 billion investment that was announced just a few weeks ago has been completed and things are moving forward.
BlackBerry received a $1 billion investment from Fairfax Financial, Mackenzie Financial Corp., Brookfield Asset Management Inc., Markel Financial, Canso Investment Counsel Ltd. and Qatar Holding LLC. The investors also now have the option to purchase up to and additional $250 million principal amount of additional debentures within 30 days.
WATERLOO, ONTARIO and TORONTO, ONTARIO--(Marketwired - November 13, 2013) - BlackBerry (NASDAQ: BBRY)(TSX: BB), a world leader in the mobile communications market, today announced that it has completed the previously-announced US $1 billion private placement of convertible debentures to Fairfax Financial Holdings Limited ("Fairfax") and other institutional investors.
"I am excited to be joining this iconic brand at such an important moment in its history," said John S. Chen, who became BlackBerry's Executive Chair and Interim CEO upon the completion of the financing. "I look forward to leading the company through a successful transformation and restoring BlackBerry's position as an innovative, successful company. I believe in the value of this brand and am confident we will rebuild BlackBerry for the benefit of all of our constituencies."
As previously announced, the investors have an option to purchase up to an additional U.S. $250 million principal amount of additional debentures within 30 days.
BMO Capital Markets acted as the sole bookrunner and sole placement agent for the private placement of the debentures.