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
TheStreet Open House

BlackBerry Ltd (BBRY) Extends Deadline To Purchase Convertible Debt

Stocks in this article: BBBBRYFFHFRFHF

BlackBerry Ltd (BBRY) (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) (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) (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) (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) (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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs