Odyssey Re to sell $75 million in senior notes

Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) says it has made an agreement with a syndicate of underwriters to sell US$75 million in 10-year senior notes. The notes will bear interest of 7.65% annually, paid semi-annually starting in May 2004.
The offering is actually a re-opening of an issuance made on October 31, and in total, the value of the notes, due in 2013, is US$225 million.
“Odyssey Re intends to use the net proceeds from this offering to repay US$50 million aggregate principal amount of its outstanding 7.49% senior notes due November 30, 2006, and for general corporate purposes,” states a press release.
Managing the offering are Banc of America Securities LLC, Credit Suisse First Boston and J.P. Morgan Securities Inc.