Mayberry Investments taps bond market to refinance $2b

The Kingston-based Mayberry Investments Limited on Thursday launched a secured bond offer seeking to raise $2.06 billion from Jamaican retail and institutional investors, with proceeds earmarked for the repayment of an existing debt due this year.

“We have since 2024 advocated for investors to allocate a portion of their portfolio into fixed-income investments,” stated MIL Chairman Gary Peart in statements accompanying the bond prospectus.

In its offer, Mayberry stated that bonds and fixed-income instruments offers a hedge against a declining stock market affected by the high interest rates macroeconomy.

“We are confident that the equities market will return to growth, in the meanwhile those investors with a balanced portfolio can continue to receive a return on investment from their fixed-income investments,” stated Peart.

The bond subscription window opens April 13 and closes May 11, 2026. MIL is a subsidiary of Mayberry Group chaired by Chris Berry.

The bond will mature in 18 months after issue and carry a fixed coupon of 10.50% per annum. The company reserved the right to upsize the raise to $3 billion.

Mayberry said the proceeds will be used to repay in full its existing 10.75% secured bonds due 2026 of equivalent size.

Financial covenants cap leverage at four times its capital. The company operates safely within that covenant with bonds at some $6.3 billion in 2024 in line with capital $6.1 billion.

The volatile capital markets has led the company to post losses. Mayberry recorded a net loss of $142.4 million over nine months to September 2025 compared to a loss of $231.7 million a year earlier.

business@gleanerjm.com