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Security software provider BlackBerry
BB,
on Monday said it had fully repaid $365 million in convertible debt issued in 2020, and also announced a deal for another $150 million in extendable convertible debt. The company said it had entered into an agreement with affiliates of Fairfax Financial Holdings under which Fairfax will subscribe for $150 million worth of BlackBerry’s 1.75% extendable convertible debt in a private placement. That transaction is set to close on or before Nov. 17. The extension debentures will be convertible into stock at $6 a share and will be due around Feb. 14, with an option to extend the due date to around May 14. Fairfax would control 71,724,700 shares of BlackBerry, or 11.8% of its issued and outstanding shares, with the full conversion of the extension debentures. Shares rose 0.3% after hours.
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