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Business

November 8, 2013

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‘Qatari fund invests in BlackBerry debt offer’

‘Qatari fund invests in BlackBerry debt offer’
DUBAI: Qatar Holding LLC is among a handful of investors that have put money into BlackBerry’s $1 billion convertible debt offering, a source familiar with the financing plan said on Wednesday.
The Qatari sovereign wealth fund bought as much as $200 million of the offering, in which Fairfax Financial Holdings Ltd, BlackBerry Ltd’s largest shareholder, has itself put in $250 million.
The embattled smartphone maker abandoned plans on Monday to sell itself and replaced its chief executive, sparking a 16 percent drop in its share price. It said it would raise $1 billion by issuing convertible notes to a small group of long-term investors, including Fairfax, which is run by investment guru Prem Watsa.
The source said the Qatari fund was attracted to invest in the offering because of the size of the coupon offered.
A spokesman for Qatar Holding declined to comment. Fairfax and BlackBerry declined to identify other investors in the debt offering.
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