Simpson Thacher Represents Initial Purchasers in Sale of $300 Million of Senior Notes Due 2024 by Fairfax (US) Inc.
08.13.14
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Simpson Thacher represented the initial purchasers, led by sole book-running manager, Merrill Lynch, Pierce, Fenner & Smith Incorporated, in the sale of an aggregate principal amount of $300 million 4.875% Senior Notes due 2024 by Fairfax (US) Inc. (“Fairfax US”), a wholly-owned subsidiary of Fairfax Financial Holdings Limited (“Fairfax”). The notes are fully, unconditionally and irrevocably guaranteed by Fairfax. Fairfax US intends to use the net proceeds of the offering primarily to refinance approximately $300 million principal amount of certain notes and trust preferred securities issued by subsidiaries of Fairfax.
Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
The Simpson Thacher team included Peter Gordon, Steven DeLott, Lia Toback and Tamaron Greene (Capital Markets); Jon Cantor and Drew Purcell (Tax); and Andrew Pagliughi (Blue Sky). Summer Associate Matthew Kemp also provided valuable assistance.