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Odyssey Re says share offering to net $300M


STAMFORD, Conn.--Odyssey Re Holdings Corp. said the underwritten public offering by Fairfax Financial Holdings Ltd. to sell 9 million Odyssey Re common shares will be priced at $34.60 per share, resulting in net proceeds to Fairfax of approximately $300 million.

Fairfax has granted the underwriters an option to purchase up to 1.35 million additional shares of common stock to cover over-allotments--the sale of more securities than are available--if there are any. The offering was jointly led by Citigroup Corporate & Investment Banking and Wachovia Capital Markets L.L.C.

Fairfax, which will continue to own a majority of the shares of Odyssey Re after the offering, said it intends to use the proceeds it receives for general corporate purposes. Odyssey Re will not receive any proceeds from the sale of the shares.