TORONTO Dec 13 BlackBerry Ltd ,
which recently concluded a $1 billion convertible debt offering,
said it has agreed with its debtholders to extend an option
deadline attached to the deal, giving potential investors a
chance to buy up to a further $250 million in convertible debt.
The struggling smartphone maker last month shelved plans to
sell itself and instead opted to raise funds via a $1 billion
notes offering led by Fairfax Financial Holdings, its
In a brief statement late on Thursday, BlackBerry said the
earlier announced investor option to purchase up to an
additional $250 million of convertible debentures, as part of
the offering, has now been extended to Jan. 13.
BlackBerry, which reports quarterly results next Friday, has
been in quiet period since the closing of the initial offering.
The company said the extension will enable it to provide
updated financial information to prospective investors after its
third-quarter 2013 results have been released on Dec. 20.
If the option is exercised, the purchase of the additional
convertible debentures will be completed on or before Jan. 16,
the company said.
Investors that bought into the initial debt offering include
Canso Investment Counsel, Mackenzie Financial, Markel Corp
, Qatar Holding, Manulife Financial and
Brookfield Asset Management.
BlackBerry shares on the Nasdaq are hovering around 10-year
lows, on concerns of further erosion of the company's sales.
Investors fear the company's three-month-long review of
strategic options may have led to subscriber losses in the
quarter ended Nov. 30.
Shares of BlackBerry were up 10 cents at C$6.00 in early
trading on the Nasdaq on Friday.