Fairfax Financial Holdings Ltd. commenced modified Dutch auction cash tender offers to purchase up to C$250 million of its senior notes, consisting of outstanding 7.50% senior notes due 2019, 7.25% senior notes due 2020 and 6.40% senior notes due 2021.

The cash tender offers, meant to reduce Fairfax's gross debt through early repayment of the notes, will be funded with the proceeds of the company's recently completed public offering of 4.70% senior notes due 2026.

Holders that properly tender and do not validly withdraw their notes will be paid, on those notes accepted by Fairfax for purchase, accrued and unpaid interest from the last interest payment date to, but excluding, the settlement date, as applicable.

The offers will expire at 5 p.m. Toronto time on Feb. 23, unless extended or earlier terminated.

RBC Capital Markets is the exclusive dealer manager for the tender offers.