OdysseyRe files registration for common stock offering

OdysseyRe Holdings Corp. (NYSE: ORH) has filed a registration statement with the U.S. Securities and Exchange Commission related to a secondary offering of OdysseyRe’s common stock.
OdysseyRe announced it filed the statement at the request of its majority shareholder, Fairfax Financial Holdings Limited (TSX and NYSE: FFH).
“Fairfax proposes to sell 9 million of its OdysseyRe shares, and will grant the underwriters an option to purchase up to 1.35 million additional shares of common stock to cover over-allotments, if any,” Odyssey Re announced in a press release. “The proposed offering will be jointly led by Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC.”
Fairfax will continue to own a majority of the shares of OdysseyRe after the proposed offering, and OdysseyRe will not receive any proceeds from the sale of the shares.
“The manner, timing and execution of any sale of Fairfax’s OdysseyRe shares are at Fairfax’s discretion and subject to market conditions and there is no assurance it will occur.” Odyssey Re said in its statement.