BlackBerry today announced that it has completed the previously-announced US $1 billion private placement of convertible debentures to Fairfax Financial Holdings Limited and other institutional investors. Blackberry's investors have an option to purchase up to an additional U.S. $250 million principal amount of additional debentures within 30 days.

John S. Chen, BlackBerry Executive Chair and CEO, also released a statement to the BlackBerry Community, saying that the company is accelerating its efforts to transform its business, looking towards the future.

"We have begun moving the company to embrace a multi-platform, BYOD world by adopting a new mobility management platform and a new device strategy. We are also leveraging our tremendous assets, including BBM, our network and QNX. While we are proud of these accomplishments, we know there is more work to be donem" he said.

"I know that it?s going to take time, discipline and tough decisions to reclaim BlackBerry?s success and we are ready for that challenge."

Chen added that Blackberry is committed to delivering high quality products and services.