Business notes…business notes…business notesWednesday, May 12, 2021
BY DAVID ROSE
Sagicor Financial Company debt offer oversubscribed
Sagicor Financial Company's (SFC) issuance of 2028 senior notes at 5.30 per cent garnered interest of US $1.25 billion despite only seeking US$400 million. This was done in conjunction with SFC's cash tender for some of its 2022 senior notes which saw holders surrender about U $130.2 million for a pay out of US$134.4 million. SFC will save about US$7.2 million per year in interest expenses with its debt costs coming down from 8.875 per cent to 5.30 per cent. Several local brokerage firms have confirmed heavy interest by investors for the new notes at a price of about JA$103. JP Morgan Securities LLC and RBC Capital Markets LLC were the joint book runners for the offer.
LAB incorporates new subsidiary
The Limners and Bards Limited (LAB) has incorporated Scope Caribbean Limited following a board meeting on April 26. It will be a user-generated influencer and talent platform which will serve LAB's aim of broadening its reach in the region. Scope Caribbean will be launched in a phased approach while LAB focuses on an aggressive recruitment of emerging and existing talent in the region.
Eppley Caribbean Property Fund Acquires Property in Trinidad
Eppley Caribbean Property Fund – Value Fund (CPFV) acquired two additional properties in Trinidad and Tobago. These acquisitions mean that CPFV now has prime commercial real estate in the three largest English-speaking Caribbean countries which they are also publicly listed on as well. The properties were fully tenanted office spaces and served the company's interest of diversification by geography and asset type. CPFV noted in a release that the they have acquired more than 500,000 square feet since Eppley Limited took over as fund managers in January 2018. The portfolio now consists of 16 buildings covering more than 775,000 square feet.
Court approves GK virtual AGM
GraceKennedy Limited (GK) gained permission from the Supreme Court to hold its annual general meetings (AGM) through virtual or hybrid means so long as Jamaica remains a disaster area due to the coronavirus pandemic. As a result, GK will hold its AGM on May 26 at 2:00 pm in a fully virtual format. GK also advised that it acquired tTech's Omar Bell on secondment for a period of five years, starting from May 3.
With earnings season underway for most listed companies, several of these companies have made notices for dividend considerations to be made in the coming weeks. These companies include GraceKennedy Limited, Honey Bun Limited, Panjam Investments Limited, Sagicor Select Funds Limited, Mailpac Group Limited, and Proven Investments Limited. It will be interesting to observe Proven's dividend declaration set for May 26 after the company cut its most recent nominal dividend amount by 50 per cent.
NCBFG renames subsidiary
NCB Financial Group Limited (NCBFG) has renamed its NCB Global Finance Limited (NCBGFL) subsidiary to NCB Merchant Bank (Trinidad and Tobago Limited). The subsidiary was always engaged in merchant banking with the rebranding being part of NCBFG's strategy in the financial services and investment banking sector. NCBGFL is owned through NCB Capital Markets while NCB. There are 16 regulated non-bank financial institutions in Trinidad. Global Holdings Limited is the other major Trinidad subsidiary which owns the shares of Guardian Holdings Limited.
NCBFG has also applied to the Supreme Court to have its 2021, 2022 and 2023 AGM's be held virtually for so long as Jamaica is declared a disaster area. The hearing is set for May 27 at 10:oo am in the commercial division.
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