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Business Briefs

Published:Wednesday | September 5, 2018 | 12:00 AM


New specs for Oxford Road hotel


Robert Woodstock, architect with responsibility for the design of a new hotel on Oxford Road in New Kingston said the plan is being reconfigured based on new specifications received.

Asked about the timelines for groundbreaking and project delivery, Woodstock told the Financial Gleaner via email that he was "not sure yet as the scope has increased" and he would "have to do more research".

The original plan was for a 12-storey structure, averaging 7.5 rooms per floor, but the National Environment and Planning Agency (NEPA) asked for an adjustment of the height. NEPA declined to provide an update, redirecting requests instead to Woodstock.

The developer of the hotel is unknown.


Jamaica Broilers issues $500m bond


Jamaica Broilers Group Limited has raised $500 million for working capital through the issue of a bond arranged by Sagicor Investments Jamaica Limited.

The bond priced at 5.5 per cent matures at the end of September 2019. That rate is fixed to maturity.

It forms part of a drive for the group to source cheaper funds.

For instance, during the 2018 financial year, the group refinanced $2.4 billion worth of long-term loans that extended repayments by two years while reducing interest charges within a range of 80 to 140 basis points.