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Preferred Share Description
Fairfax Financial Holdings Limited (FFH.PR.K)
4.75% Cumulative, Redeemable, Rate-Reset Series M Preferred Shares
Prospectus - February 24, 2015
Marketing Document - February 20, 2015
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.
- DBRS Rating
- Pfd-3 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- $1.1875 per share per year
- Dividend Dates
- On the last day of March, June, September and December
- Dividend Details
- The dividend rate on the Series M preferred shares will be fixed at the initial 4.75% rate until March 31, 2020. On March 31, 2020 and on March 31st every 5 years thereafter the rate will be reset to a rate that equals the sum of the Government of Canada Yield (GCAN5YR) plus 3.98%.
- The shares are not redeemable prior to March 31, 2020. On March 31, 2020 and on March 31st every five years thereafter the shares are redeemable by the company at $25.00 per share.
- Holders of the Series M preferred shares have the right to convert their shares into an equal number of Series N Floating-Rate preferred shares on March 31, 2020 and on March 31st every 5-years thereafter. The Series N 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 3.98%. On March 31, 2025 and on March 31st every 5-years thereafter holders of the Series N Floating-Rate preferred shares will have the option to convert their shares into shares of the Series M Rate-Reset preferred shares.
- Lead Underwriter(s)
- BMO Capital Markets, Scotia Capital Inc., RBC Dominion Securities
- Transfer Agent
- Valiant Trust Company
- Valiant Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders
- Convertible by Company
- Last Updated