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Update: Qatar Holding Invests in BlackBerry’s Convertible Debt Offering

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Qatar Holding LLC, the sovereign wealth enterprise of the Qatar Investment Authority, is part of a group of investors allocating capital to Blackberry’s US$ 1 billion convertible debt offering.

On November 6, 2013, we reported that Qatar Holding participated in Blackberry’s convertible debt offering.

According to regulatory filings, Qatar Holding invested US$ 100 million.

Other investors include:

  • Canso Investment Counsel Ltd. – US$ 300 million
  • Fairfax Financial Holdings Limited – US$ 250 million
  • Mackenzie Financial – US$ 200 million
  • Markel Corporation – US$ 70 million
  • Brookfield Asset Management – US$ 10 million
  • Manulife Financial – through funds – US$ 70 million

Toronto-based financial holding company, Fairfax Financial Holdings Limited, the biggest shareholder of Blackberry, committed US$ 250 million to the offering.

On November 6, 2013, Fairfax Financial Holdings entered into an agreement with a syndicate of underwriters led by CIBC and BMO Capital Markets in which the syndicate will buy on a bought deal basis 1,000,000 subordinate voting shares at a price of C$431 per common share. This offering is expected to close on November 15, 2013. Proceeds will be used to further Fairfax’s cash position – indirectly helping the backing of Blackberry.

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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