Jamaica Money Market Brokers Limited has gone fund raising again. This time they have raised US$20.0 million or J$2.24 billion* through the issue and private placement of unsecured extendible notes denominated in United States dollars.
This will definitely help to boost their funding (along with the preference share funds and other debt obligations), and since they now have their own commercial bank in Trinidad and all those glorious expansion dreams, who to tell what they be using all that extra cash to buy!
JMMB has advised that The offer was only available to Jamaican residents. The private placement offer closed on July 18, 2014 and will mature on July 18, 2016. Noteholders have an option to either redeem their notes on the Maturity Date or extend the maturity of their notes to July 18, 2019. The interest rate on the original note is 6.75% fixed for two (2) years and 7.75% on the Extended Notes.
* converted @ J$112:US$1