Fairfax Financial Holdings Ltd. plans to raise roughly $1-billion through a share offering. The insurance conglomerate will use the money to fund its purchase of the part of Odyssey Re Holdings Corp. that it doesn't already own. The company will offer 2,881,844 subordinated voting shares at $347 apiece. Canadian Imperial Bank of Commerce is co-leading a syndicate of underwriters that also includes Bank of America Merrill Lynch, Bank of Nova Scotia, Bank of Montreal, Royal Bank of Canada, Cormark Securities, GMP Securities and Citigroup. The syndicate has agreed to a bought deal for 600,000 shares - meaning the banks will buy those shares from Fairfax and sell them to the public - and the remainder will be sold on a so-called agency basis. If Fairfax's offer for Odyssey is successful, the company will own 100 per cent of all of its subsidiaries. FFH (TSX) fell $8.18 to $369.75. ORH (NYSE) rose $12.91 (U.S.) to $62.98.
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