BlackBerry just got another vote of confidence by Fairfax with their consortium purchasing additional convertible debentures. These are the additional $250 million that we told you about previously that they had on option until this month. The transaction will be completed before or on January 16th. Seems like John Chen is moving the company in the direction they were hoping… Announcement details below:
WATERLOO, ONTARIO–(Marketwired – Jan. 8, 2014) – BlackBerry(R) Limited (NASDAQ:BBRY)(TSX:BB), a world leader in mobile communications, announced today that Fairfax Financial Holdings Limited has agreed to purchase, through its subsidiaries, an additional $250,000,000 principal amount of 6% unsecured subordinated convertible debentures of BlackBerry (the “Debentures”). The additional Debentures will be purchased pursuant to the exercise of a previously-announced option that was granted in connection with BlackBerry’s private placement of $1 billion principal amount of Debentures on November 13, 2013, and the transaction will be completed on or before January 16, 2014.