FBD Insurance has agreed to purchase and cancel the €70m in convertible notes held by Fairfax Financial Holdings for approximately €86m in cash. FBD Insurance has agreed to purchase and cancel the €70m in convertible notes held by Fairfax Financial Holdings for approximately €86m in cash. FBD to purchase and cancel €70m of notes held by FairfaxThe transaction will be funded through a combination of existing cash resources and a new issue of subordinated notes to the value of €50m, the company said. In 2015 Fairfax - the Canadian financial giant founded by billionaire Prem Watsa – was tapped by FBD for a €70m, 10-year convertible bond to shore up its capital solvency. "It avoids any dilution of their existing shareholdings and ensures that FBD continues to maintain a very strong capital position," Ms Muldoon said.

Source: Irish Independent October 01, 2018 06:48 UTC