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AM Best Assigns Issue Credit Rating to Fairfax Financial Holdings Limited’s Senior Unsecured Notes
February 25, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Feb 25, 2021
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the recently announced CAD 850 million, 3.95% senior unsecured notes, due March 2031, of Fairfax Financial Holdings Limited’s (Fairfax) (Toronto, Canada). The outlook assigned to the Credit Rating (rating) is stable.
Fairfax intends to use the net proceeds of the offering to fund the redemption of its 5.84% senior unsecured notes, due 2022, and 4.50% senior unsecured notes, due 2023. Any remaining balance of the net proceeds will be used to refinance or repay outstanding debt or other corporate obligations of Fairfax and its subsidiaries and for general corporate purposes.
(Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board except as otherwise noted, and are unaudited.) TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces fiscal year 2020 net earnings of $218.4 million ($6.29 net earnings per diluted share after payment of preferred share dividends) compared to fiscal year 2019 net earnings of $2,004.1 million ($69.79 net earnings per diluted share after payment of preferred share dividends). Book value per basic share at December 31, 2020 was $478.33 compared to $486.10 at December 31, 2019 (an increase of 0.6% adjusted for the $10 per common share dividend paid in the first quarter of 2020). "In 2020 all of our insurance
Dexterra Group Inc. Announces Appointment of Executive Vice President, Legal and General Counsel
Toronto, Ontario (Newsfile Corp. - January 6, 2021) - Dexterra Group Inc. (TSX: DXT) ( Dexterra Group or the Corporation ) is pleased to announce the appointment of Christos Gazeas as Executive Vice President, Legal and General Counsel effective December 31, 2020.
Christos has worked in private practice with both Stikeman Elliott LLP and Lang Michener LLP with a focus on mergers and acquisitions ( M&A ), corporate finance and governance best practices across a broad range of industries. Christos joins Dexterra Group from Fairfax Financial Holdings Limited ( Fairfax ) where he was Senior Legal Counsel, leading M&A negotiations around the globe and working with leaders of Fairfax s portfolio companies to provide guidance on M&A, credit agreements and the management of material disputes.
GIC Buys into Kennedy Wilson JV on UK Logistics
Posted on 12/18/2020
The logistics sector continues to be a long-term area of focus for Asian institutional investors like Korean pensions and Singaporean sovereign wealth investors. Real estate investment company Kennedy Wilson and Singapore’s GIC Private Limited entered into a joint venture to acquire and manage urban logistics properties in the U.K., with the potential to expand into Ireland and Spain.
The Joint Venture will be seeded with a US$ 220 million portfolio comprising 18 urban logistics assets in prime locations in the U.K. The assets are currently wholly owned by Kennedy Wilson. The Joint Venture will seek additional last-mile urban distribution center investment opportunities, targeting total assets of up to US$ 1 billion.