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Preferred Share Description
Fairfax Financial Holdings Limited (FFH.PR.K)
4.671% Cumulative, Redeemable, Rate-Reset Series K Preferred Shares
Prospectus - March 14, 2012
DBRS Credit Update: December 21, 2018 - DBRS confirmed Fairfax Financial Holdings Limited’s Issuer Rating at BBB (high), its Senior Unsecured Debt at BBB (high) and its Preferred Shares rating at Pfd-3 (high). DBRS also confirmed the rating of Fairfax (US) Inc.’s Senior Unsecured Notes, which are guaranteed by Fairfax, at BBB (high). In addition, DBRS confirmed the Issuer Rating and the Financial Strength Rating (FSR) of Northbridge General Insurance Corporation (Northbridge) as well as the FSR of Federated Insurance Company of Canada (Federated), the Canadian operating subsidiaries of Fairfax, at “A.” All trends are Stable.
Dividend Reset Notice: March 2, 2017 - Fairfax Financial Holdings Limited announced that it has determined the fixed dividend rate on its Cumulative 5-Year Rate Reset Preferred Shares, Series K for the five years commencing April 1, 2017 and ending March 31, 2022. The fixed quarterly dividends on the Series K Shares during that period, if and when declared, will be paid at an annual rate of 4.671%. This is a drop from the share's original 5.00% dividend rate.
- DBRS Rating
- Pfd-3 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.16775 per share per year
- Dividend Dates
- The last day of June, September, December and March
- Dividend Details
- The annual dividend rate on the Series "K" preferred share will be reset on March 31, 2022 and on March 31st every five years thereafter to a rate that equals the sum of the Government of Canada Yield (GCAN5YR) plus 3.51%.
- At the company's option on March 31, 2022 and on March 31st every five years thereafter at $25.00 per shares
- Holders of the Series K preferred shares have the right to convert their shares into an equal number of Series L Floating-Rate preferred shares on March 31, 2022 and on March 31st every 5-years thereafter. The Series L Floating-Rate preferred shares will calculate and pay dividends quarterly. The Floating-Rate dividend rate will equal the sum of the three-month Government of Canada Treasury Bill Rate plus 3.51%. On March 31, 2027 and on March 31st every 5-years thereafter holders of the Series L Floating-Rate preferred shares will have the option to convert their shares into shares of the Series K Rate-Reset preferred shares.
- Lead Underwriter(s)
- BMO Nesbitt Burns, CIBC World Markets, RBC Dominion Securities
- Transfer Agent
- Valiant Trust Company
- Valiant Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders
- Convertible by Company
- Last Updated