Jamaica Producers Group lists $1b bond on JSE
A $1 billion-bond used by Jamaica Producers Group to finance its last acquisition of shares in Kingston Wharves has been listed on the Jamaica Stock Exchange.
The proceeds from a private placement paid for an additional 11.59 per cent stake in the port company in 2014, which pushed Jamaica Producer?s stake to 42 per cent and cemented its position as the largest shareholder.
The listing is a fillip for the bond market of the Jamaica Stock Exchange. Its only the third corporate bond listing since the platform debuted in 2013, but it is by far the largest. Access Financial floated a $102m bond in late 2013, which has since matured, followed by Jamaican Teas, with an issue of similar size, and is now the sole listing on the platform.
The JPG bond was arranged by the Scotia Investments Jamaica Limited.