BlackBerry Reveals Completion Of $1 Bln. Investment

(RTTNews) - Struggling smartphone maker BlackBerry (BBRY)(BB.TO) said Wednesday it has completed the $1 billion private placement of convertible debentures to Fairfax Financial Holdings Limited and other institutional investors.

"I am excited to be joining this iconic brand at such an important moment in its history," said John Chen, who became BlackBerry's Executive Chair and Interim CEO upon the completion of the financing. "I look forward to leading the company through a successful transformation and restoring BlackBerry's position as an innovative, successful company."

As previously announced, the investors have an option to purchase up to an additional $250 million principal amount of additional debentures within 30 days.