Fairfax purchases more BlackBerry paper

BlackBerry’s largest single shareholder, Fairfax Financial Holding has bought a further US$250 million worth of the company’s debt.

Fairfax led the investment that pumped US$1 billion into the company last year to stave off a sale or breakup of the company. It also bought US$250 million worth of debt at the time and had an option to buy a further US$250 million.

Fairfax said that the additional debt in BlackBerry was being bought for investment purposes.

The debt is convertible into BlackBerry shares in the future.

BlackBerry shares rose on the news, adding to the 15 per cent rise they have experienced since the start of this year.