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Technoclinic > PHONES > BlackBerry to Raise $605 Million From Shareholder Fairfax, Others
PHONES

BlackBerry to Raise $605 Million From Shareholder Fairfax, Others

srijita
Last updated: 2016/08/31 at 6:54 AM
srijita
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BlackBerry to Raise $605 Million From Shareholder Fairfax, Others

Troubled smartphone maker BlackBerry said it would raise about $605 million (roughly Rs. 4,062 crores) by selling convertible debentures to shareholder Fairfax Financial Holdings and other investors.

The Canadian company will also redeem on September 2 roughly $1.25 billion (roughly Rs. 8,393 crores) worth of outstanding debentures carrying a coupon of 6 percent, it said on Friday.

The new debt that BlackBerry plans to issue will have a coupon of 3.75 percent and will be due in November 2020.

If all of the new debt is converted into stock, it will represent about 11.57 percent of BlackBerry’s outstanding shares, the company said.

FairFax, led by well-known contrarian investor Prem Watsa, is BlackBerry’s second largest shareholder with a stake of about 8.9 percent, according to Reuters data.

Once a dominant force in smartphones, BlackBerry now holds just a sliver of the global market.

BlackBerry said last month it would stop making its Classic model, raising further doubts about the future of the company’s money-losing handset business as it shifts focus to software.

In July, the company unveiled a second Android-based handset, which combines Alphabet’s popular software and broad app catalog with its security and productivity features at a lower price.

BlackBerry Chief Executive John Chen has expressed confidence that the company’s trimmed-down handset business can meet its September target to turn profitable.

Analysts, however, have urged the company to sell or shut down the unit.

BlackBerry’s US-listed shares were little changed at $7.96 in afternoon trading.

[“source-gadgets.ndtv”]
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srijita August 31, 2016
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