This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BlackBerry Ltd (BBRY) Extends Deadline To Purchase Convertible Debt

BlackBerry Ltd (BBRY - Get Report) (BB) extended the deadline of the previously announced investor option to purchase its convertible debentures until January 13. The extension allows the company to update its financial information for prospective investors.

BlackBerry Ltd (BBRY - Get Report) (BB), the struggling Canadian smartphone manufacturer, announced the extension of an investor option to purchase as much as $250 million worth of convertible debenture until January 13, 2014.

According to the company, it has been in quiet period since the initial closing, and the extension will allow it to update its financial information to potential investors after the third quarter results, which will be released on December 20.

Also see: BlackBerry Ltd BBRY Rises From The Ashes Of Research In Motion?

BlackBerry on convertible debt

BlackBerry Ltd (BBRY - Get Report) (BB) said, "If the option is exercised, the purchase of the additional convertibles will be completed on or before January 16."

The Canadian smartphone manufacturer offered $1 billion worth of convertible debentures last November 13 to raise funds after abandoning its plan to sell itself.

Fairfax Financial Holdings Ltd (FFH) OTCMKTS:FRFHF, the insurance holding controlled by Prem Watsa, agreed to purchase $250 million worth of convertible debentures instead of pursuing its previous proposal to takeover BlackBerry Ltd (BBRY - Get Report) (BB) for $4.7 billion. Watsa explained that his firm dropped its takeover bid after conducting due diligence and concluded that a leveraged buyout with high-yield debt and high interest rate was not appropriate for the smartphone manufacturer.

Investments in BlackBerry's convertible debt

Aside from Fairfax Financial Holdings Ltd (FFH) OTCMKTS:FRFHF, Canso Investment Counsel, Mackenzie Financial, Markel Corporation (MKL), Qatar Holding, Manulife Financial Corp. (MFC) (MFC) and Brookfield Asset Management Inc. (BAM) invested in BlackBerry's convertible debt offering.

John Chen, the newly appointed CEO of BlackBerry Ltd NASDAQ;BBRY (BB) is committed to reclaiming the success of the company, and emphasized that its management team is accelerating efforts to transform its business. According to him, there are a lot of things to be done to revive the embattled smartphone manufacturer and he is prepared to face the challenges and make tough decisions to revive the company.

According to him, BlackBerry Ltd (BBRY - Get Report) (BB) has significant financial strength for the long haul. "I believe in the value of this brand. With the right team and right strategy in place, I am confident that we will rebuild BlackBerry for the benefit of all of our constituencies," said Chen in his previous letter.

RMHS selects BlackBerry Enterprise Service 10

The Canadian smartphone maker recently announced that Rocky Mountain Human Services RMHS selected its BlackBerry Enterprise Service 10 BES, its enterprise mobility management EMM solution along with the BlackBerry Z10 smartphone to improve its mobile productivity.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FRFHF $537.92 0.00%
BBRY $7.06 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs