Newspaper article The Canadian Press

BlackBerry Restructures Debt to Cut Interest Costs, Signs Deal with Fairfax

Newspaper article The Canadian Press

BlackBerry Restructures Debt to Cut Interest Costs, Signs Deal with Fairfax

Article excerpt

BlackBerry restructures debt to cut costs

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WATERLOO, Ont. - BlackBerry Ltd. (TSX:BB) announced a plan to restructure its debt and cut its interest costs.

Trading in BlackBerry shares had been halted pending the announcement.

Under the plan, the company will redeem about US$1.245 billion in six-per-cent unsecured convertible debentures which can be converted into BlackBerry shares at a price of US$10 per share.

BlackBerry also said it has signed a deal with Fairfax Financial Holdings Ltd. and other institutional investors to raise US$605 million in new 3.75-per-cent unsecured convertible debentures.

The new debentures will be convertible into BlackBerry shares at a price of US$10 per share and will be due on Nov. …

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