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Hot off the wire: BlackBerry Announces Completion of Acquisition of Additional U.S. $250 Million Debentures by Fairfax

By Kevin Michaluk on 16 Jan 2014 10:05 pm EST
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Hot off the wire and straight to the CrackBerry homepage... 

Press Release

BlackBerry Announces Completion of Acquisition of Additional U.S. $250 Million Debentures by Fairfax

WATERLOO, ONTARIO--(Marketwired - January 16, 2014) - BlackBerry® Limited (NASDAQ: BBRY)(TSX: BB), a world leader in mobile communications, today announced the completion of the purchase by Fairfax Financial Holdings Limited, through its subsidiaries, of an additional U.S. $250 million principal amount of 6% unsecured subordinated convertible debentures of BlackBerry (the "Debentures"). The additional Debentures were purchased pursuant to the exercise of a previously-announced option that was granted in connection with BlackBerry's private placement of U.S. $1 billion principal amount of Debentures on November 13, 2013.

 
94 comments

namgas

Why is a small comment not allowed first?

Developer of AutoCrop Scanner

CrazyBack

I hope they put this money to good use.

xdoublejx

4 post from kevin today. That I love

Posted via CB10

BerryRipe

Same here & they were awesome articles!

Keep The Faith  BlackBerry Q10 

Kevin Michaluk

Do you want me to make it five? Or save some good stuff for tomorrow? :)

Update: Technically 5 posts in the last 22 hours. So I'll save the one I was going to pump out right now for tomorrow. 

rocker_man1

Good to see you posting more lately!

www.mikescraftbeer.com - C00012735 Posted on my Z30

BerryRipe

Either or my friend...I'm good either way!

Keep The Faith  BlackBerry Q10 

MarkyZ10

Same it for tomorrow:)

Posted via CB10

sebstarr

Post news of 10.2.1 official release? :) I would like that tomorrow

From my new z30

Kevin Michaluk

I'm getting a tingly feeling in my fingers that tells me something good is just around the corner.

farmwersteve

Come on Kevin, I have a tingly feeling you know something we don't, but really want to....
Enlighten us please

...great to hear so much from you lately!

Hopefully next year I will see you at ces

Posted via CB10

walt63

STOP IT! Your teasing us.

Posted via CB10

00stryder

But you kinda like it, don't lie...

walt63

Ha ha. It leaves so much suspense. I'm anxious for tomorrow now.

Posted via CB10

imcurved

Don't put up until tomorrow what you can write today.

 CB10 

sosof

Never save news for the next day. Never know who might beat you to it.

Posted via CB10

PapiPabs

Post it in the comments! First ever blog within a blog. Inception-style...

Posted via BBCBZ10

freddysrevng3

Such a dumb movie, but great way for Kev to "break a news alert"... make the BlackBerry Basher have to read our posts to find out what to "bash"...inception style...

CB10 from the Z30

swtnotZ10

Lol Kevin you're a tease!

Posted via CB10 on my Z30

davinci4real

Say it in Code Kevin. Any code. But just say something about 10.2.1 plssssss

From Zuri my Z10.

BBZ10wannabe

Well hopefully you don't wait so long that you get scooped by one of the "other sites" ;)

nappp

Keep up the good work Kevin

Posted via CB10

RedFoxOne

Finally you're back in the fold with articles!

jic999

Your on fire Kevin .....A+++

G-bone

Welcome back, Kevin.

#IchooseBlackBerry10
ETC.

Posted via CB10

laketrout73

So does Kevin post more the better things look for BlackBerry, or...
does the health of the company directly correlate to the amount of articles Kevin posts ??

Z10 STL100-3 |10.2.1.1925 | Bell | CB10

freddysrevng3

Kevin is a "lagging indicator".... When things were "really dark for BlackBerry "...Kevin was nowhere to be seen...except if you lived in Korea at one point.

He was ready to go "Double Live Fanboy" til Chen showed up and breathed life back into the corpse that was BlackBerry...

Now that things are "looking up" he is "Kevin from Crackberry" rather than "Kevin on a milk carton" which, interestingly enough, Umi told me they do not understand in Canada....

Welcome back, Kevin. Oh and I had a problem with my Z10...ATT replaced it 3 times and I got one that "worked".... I bequeathed it to a loved one and have been rocking a Z30 since...Best BBRY Eva....

CB10 from the Z30

mac_stang

Fifth

ZED10 STL100-3, 10.2.0.429

NamelessStar

mo money mo money mo money always better

Whyareallthegoodnamestaken

Nice. Use some of it to buy SwiftKey.

Posted via CB10

birdman_38

Or TYPO. Or Blackphone.

Shanerredflag

Or Good tech..
Buy Good...that would be...well, good.

Zee Z30 posted thiz

brkdncr

Why? Bbry already dominates the mdm market. Good would be a small competitor that many places already resent.

All Bbry needs to do is refine what they have and get it into the hands of customers. Basically do what they did that made them #1 not even a decade ago. Focusing on the enterprise is probably a strong move.

LP_Rigg

I think I may buy some BBRY stock for the first time. Price is right and rising. Chen is making all the right moves corporate wise at the moment and the Street seems to realize it.

Posted via CB10

Koffi4x4

Mo money mo problems?

Posted via CB10

BerryRipe

No money, no problems = no BlackBerry
Problems are what runs the world!

Keep The Faith  BlackBerry Q10 

wincyUt

Gotta love Crackberry Kevin being on fire today! :)
On a serious note, this like a vote of confidence by Prem Watsa. "Show me the Money"!!

HMStrat

Great. Now how long will it take to burn through that money? Then what? Another bail out? Or "she's done "?

Posted Via Z10

torcheredsole56

Can you translate what that means to someone that knows nothing about finance?

Posted via CB10

1roguecanuck

Chris U. Did a good article on this back when the $1 billion was announced. I don't have the link right now but a quick search on Crackberry will find it.

Posted via CB10

ZayDub

Team 

Posted via CB10

2ys4u

Making moves, in the right direction finally. Hopefully this will be the year BlackBerry can began to release complete projects instead of to be continued stuff. Good 1st steps though^

Posted via CB10

Prem WatsApp

Coming soon!

My name is Prem, I'm using BBM ... from my QuZe10 ...whatarhyme...

vrud

Hmm, I thought this was a done deal once Fairfax gave intention to purchase that extra 0.25GB (quarter gigabucks) on Jan 8.

BerryRipe

The chi is growing and BlackBerry users unite...give our best fight or go down in spite...take heed...Mr. Chen God Speed!

Keep The Faith  BlackBerry Q10 

Maal628

Keep writing Kevin! You're on a roll today!

#PoweredByBlackBerry

birdman_38

What's gotten into him?

incongruent

How many more millions until 10.2.1 released?

Posted via CB10

eldricho

Go Kevin!
Go BlackBerry!
It's been a good month so far :D

Posted via CB10

nt300

This shows BBRY has strength, and Fairfax sees a bright future with BBRY and its BB10 mobile platform.

Rickster1

Should of bought Sierra wireless but timing was wrong and now SW valuation has soared! They will need it for ongoing operations before their recovery is over. Wonder if we will hear about the tax recovery?

Posted via CB10

s2by10

Get some major apps on board

tushargkwd

Yeah... tax recovery money will make BlackBerry richer and more stable financially...
Chen gets more time and comfort with more cash at hand... :)
Go BBRY go...

Posted via CB10

theRock1975

Can someone explain to me why Blackberry needs this money? So they had $3B and now its $3.25B. When they return the money to Watsa in 5 years they'll have to return over $325 million. Are they going to buy another company?

freddysrevng3

Money = Time for BlackBerry at this point..... more=more....Capiche?

CB10 from the Z30

theRock1975

Getting into debt unnecessarily gives you less time. Did you ever have a wife?

My point is that $250 m is insignificant "at this point". It represents about $0.46 a share.

I'd like to discuss why this is "Hot off the wire news". Are they planning a huge share buyback to squeeze out more shorts? Perhaps eliminating the shorts would have similar benefits to going private. I don't believe they are doing this specifically to buy time especially since they maintained the cash position after all the writedowns and losses.

They have billions in assets that they can use as collateral for a loan if cash would get tight. If they were really planning to burn through all of their cash it would be wise to wait and save themselves a couple million in interest expenses.

SDTRMG

Use it in the right places Chen.

Z30 :D - [URL="bbmc:C00016D82"]The Final Destination[/URL] - Winnipeg Mb Clothing|Footwear|Headwear|Headshop|Tobacconist|Tattoos

agarwal.apar

Kevin in full swing! So many posts in a day! On fire.. lol :D

bcuffy

So what! Is this important?

Posted via CB10

brosee

I too have that tingly feeling. Something is coming down the pipes from BlackBerry. I have heard some rumors here in KW's.
A BlackBerry friend promises something exciting. Wonder if it's the same thing Kevin is speaking of?

Posted via CB10

Playbook007

It's nice to see people take notice that Kevin is showing a presence today! So don't take it personal when I was critical of where your heart truly lies. Time will tell. As for the more money...well it shoes that Prem really believes BlackBerry has something that they believe is going to be ground breaking. With the release of the z30, they may be right. However, BlackBerry is going to take more heavy losses. The complete lack of carrier support in the US and Canada will guarantee this. It's like BlackBerry needs this cash to buy time till they can finalize the next great thing.

Posted via CB10

Superfly_FR

You're going pretty fast ... there's no more inventory to "burn".
Hard and sad work has been done already. Let's see where this enterprise focus strategy leads to. I'm pretty confident about it. Give it two quarters at least though.

birdman_38

Define "complete lack of carrier support" in Canada please.

Playbook007

Well let's see. Our Corporate account is with Rogers. Last January, they advised us to go Windows believe it or not and not the new BB10. Well I personally am extremely disappointed in Windows 8, I stayed true to BlackBerry. Good decision. Then when the z30 launched, Rogers was not even going to carry it. I wrote a letter to our representative advising him that when our contract renews our business will head to Bell. I couldn't believe the slap in the face from one Canadian Company to another. Well we know they changed their tune, but it's totally lack luster. Bell is not much better. If you see a Rogers or Bell ad, you may see a glimpse of a new BB10, but honestly Samsung and iphone devices are front and center. You do get the drift from that type of advertising right?

Posted via CB10

BlackBerryMeansHappiness

We will see Wall Street tomorrow, I hope so something good happens

Posted via BlackBerry Z10

BlackBerryMeansHappiness

Upssss comment incomplete

Posted via BlackBerry Z10

kronykapitalist

Watsa is a self-made billionaire, he obviously believes BB is a great investment.

canuckbear

What are the requirements for being eligible to purchase these debentures? Is there a minimum purchase? Do you need to be of some particular bloodline?

Posted via CB10

Prem WatsApp

Right.

These *convertible* debentures seem a friggin' good deal, given the recent bump of the share price, now hovering just under the conversion price.

I'd have some, if I could.

My name is Prem, I'm using BBM ... from my QuZe10 ...whatarhyme...

theRock1975

It's a good deal to Fairfax only.

Lord_Jareth_89

And now to wait how is spent this money (:

Posted via CB10

christoph77

I guess this is "good" news. Will only strengthen Fairfax' position and dedication towards BlackBerry :).

C0038297E Quote of the Day (BBM Channel)

milo53

Oh good, more debt. The no debt bragging rights have been silenced.

RP Singh

Thank you to those making efforts to eliminate the "first" posts.

Sent from my iPuh-lease-as-IF

QuikSoft

Next step, let BlackBerry buy MobileIron for 300 mio dollars and eliminate that negative BlackBerry bashing flee. Migrate al the MobileIron users with sec7 to BES10 and transfer there MobileIron license for free to SecureWorkSpace.

Posted via CB10

Prem WatsApp

Another step, but not quite serious about it.

They don't have the financial to build one, but if they had their own mobile network optimised for BBM / BB10, there would NOT be a carrier issue. And they could still sell iDroid with the new multi-platform approach. Maybe as a VMNO (virtual mobile network operator = network capacity reseller, like Amaysim, Boost, Lebara, etc. (Australia and other countries)) and online phone sales?

As I said, not quite serious about that, so please don't bash me for it. Just a thought.

Anyone sign up with B-Mobile?
Yeah, baby.

My name is Prem, I'm using BBM ... from my QuZe10 ...whatarhyme...

chadwick777

Look forward to the analysis.

Posted via CB10 on my  Z10 

Razor8Tie

That would be awesome if they bought one of the leading MDM companies. My boss loves Mobile Iron, but hates BlackBerry. I don't think I would be able to rub it into him enough.

Posted via CB10

Jeroen Lebon

I am still surprised why corporations who need to take care of there data and the customers information use a unsecure and crappie MDM platform as MobileIron.
1. It makes a Swiss cheese of your internal and external firewall by opening a lot of ports.
2. It even opens a firewall port on your internal firewall to your Global Catalog or LDAP service for querying a user information. So when your DMZ is compromised they can do a full query of all your account information.
3. The complete MobileIron MDM implementation is done in your DMZ where it stores the configuration and all the user settings and other information in a MySQL database in your DMZ. Are you nuts...?
4. It even lets the users when the option is enabled make a full backup of there device on the MobileIron server. So you're device data with al the users information and other information is stored in the DMZ. Another BAD idea.
5. You don't have control or any information about the Operating System MobileIron is running on. Security and patch management is therefore not controllable by your own IT staff. Even MobileIron got remote access to it any time and any moment of the day they want.
6. You need a VMware host in your DMZ to host the VMware instances of MobileIron, this creates another extra unnecessary layer (VMware, MI OS, MI Application) of security risks an point of failure (I am am not saying VMware is bad) it even gets worse if u use a shared VMware host for Internal and DMZ hosts.

And the list can go on and on, so you can see for yourself MobiIeIron not the best choice, but they have a good marketing machine who will sell a you Lamborghini while instead it is a really badly pimped Fiat Panda. And when the costumers discover that its to late.

Justin Looney

Thank you for this Enterprise perspective. I'm all for a mobile workforce, but you always have to weigh security. We have not moved away from Blackberry yet. And if it takes puncing a bunch of holes in our firewall, than our security team is definitely going to raise red flags. The VM DMZ approach makes the most sense. We just deployed a NAC solution, and I am curious about BES and NAC working together.

sjsavva

OS 10.2.1 to be released within 10 days.

You heard it here first...

Savvas John Savva, Owner of Skill 7 Limited - www.skill7.org - BBM: 2670CCEA

Superfly_FR

Good, let's use it now to sell like hell !

jcraig

If BlackBerry bought Airwatch or someone similar, that would be very interesting.

Pete The Penguin

So, basically Prem owns BlackBerry now?

BlueRocks

So where is Chris U? Did Kevin fire him?

Posted via CB10

christoph77

Not that bad news :)

C0038297E Quote of the Day (BBM Channel)

jasm817

Whatever, this guy is only protecting his wallet. He tried to steal the company.

Posted from a Blackberry Z10 version10.2.1.176 on Verizon 4G network