JANUARY 24, 2024
FOR IMMEDIATE RELEASE
SCI SUCCESSFULLY LISTS DUAL CURRENCY PREFERENCE SHARES ON MAIN MARKET OF THE JAMAICA STOCK EXCHANGE AFTER OVERSUBSCRIBED OFFER
(Castries, St. Lucia) Following the successful closing of its Dual Currency Redeemable Preference Share Offer (the “PSO” or the “Preference Shares”) on December 15, 2023, Sygnus Credit Investments (“SCI” or the “Company”) is pleased to advise that all tranches of the Preference Shares offered are now listed and trading on the Main Market of the Jamaica Stock Exchange (the “JSE”) as of January 19, 2024. The transaction, which is the largest capital raise in SCI’s history, is the first listing on the Jamaica Stock Exchange for 2024 and is the largest capital raise on the JSE in more than a year. In addition, the capital raise has the distinction of being larger than the combined total capital raised across the main and junior markets of the JSE for the 2023 calendar year. In terms of the USD capital raise, it is the largest transaction on the JSE since SCI became a publicly listed company.
SCI invited the public to subscribe across three classes of its Preference Shares: USD Cumulative Redeemable Class E Preference Shares, USD Cumulative Redeemable Class D Preference Shares, and JMD Cumulative Redeemable Class C Preference Shares. Allocations of the Preference Shares were determined based on the time of receipt of the subscription, on a first-come-first-served basis. Opening on Thursday, November 20, 2023, the PSO, due to high demand from investors, was upsized and extended to December 15, 2023. All three classes were oversubscribed and the company raised a record J$8.0 billion equivalent, receiving 3,214 orders that amounted to J$1.7 billion and US$40.3 million respectively for the multi-tranche dual-currency cumulative redeemable preference shares. The Offer was oversubscribed by 102%.
“Today is an extra special day for the JSE as this represents our first listing on the market since the beginning of the year. I am pleased that we are able to participate in this listing for not only the Main Market but also the US-denominated market. Sygnus you are making headways into utilising the US-demoniated market and this is commendable. When I checked it and I’m sure I am correct – the combined value of the securities to be listed this morning representing the amount of capital raised for these listings has exceeded the amount of capital raised for the main, junior and US-denominated market for 2023. We have started the year in January overshooting what we did for those markets last year, so this is a big deal! Today’s listing of the securities represents the fact that Sygnus appreciates the power of the market for mobilising capital and has effectively done so to investors for these shares. The company has successfully raised over 16 billion from the market and that is tremendous. We congratulate Sygnus again, and special commendations to JMMB and all the players that were responsible for the success of the offer,” stated Dr Marlene Street Forrest, Managing Director, JSE Group.
Berisford Grey, CEO and President of Sygnus expressed that, “What Sygnus is doing and SCI in particular, is pioneering an industry, pioneering the Alternative Investment space. We are transforming businesses, transforming lives, and most importantly introducing a new asset class to the investor base in Jamaica and driving wealth creation. These are the things that drove us to partner with JMMB for this Offer last year.” He continued “SCI is the premiere private credit firm in Jamaica and the Caribbean and this is why the investor base is demanding more opportunities to participate in this asset class, and I want to express my gratitude to every single subscriber. Thank you for your support and for investing in SCI so we can deliver on our mandate to drive the velocity of economic growth across the region. I also want to highlight the creativity, insightfulness and collaborative spirit with which the JMMB team, led by Karl Townsend, the Sygnus Investment Banking Unit, led by Gregory Samuels, and the Sygnus Investment Management team, worked together to make this raise a success.”
Now in its sixth year, SCI’s diverse investment approach encompasses deploying capital to various industries, including manufacturing, distribution, financial services, energy, industrial, construction, transportation, infrastructure, and business services. Sygnus Credit Investments remains steadfast on its transformative growth path, actively expanding its private credit portfolio to propel business growth and achieve strategic objectives. In line with this evolution, the company is committed to spearheading and participating in private credit transactions totalling at least US$1 billion across the Caribbean in the next three years. Funds from the Preference Shares will help to facilitate SCI’s growth.
“It is indeed a very happy moment for us at JMMB, to collaborate with Sygnus Credit Investment (SCI), having been their partners from Day 1 to being at the listing ceremony for its latest preference share offer. JMMB has consistently demonstrated its ability to deliver exceptional results, for its clients and provide win-win opportunities for investors, and the success of this Offer is no exception. The response was overwhelming, having successfully raised J$1.6 billion and US$40 million, via JMMB Moneyline and our newly launched JMMB Moneyline IPO. This is a testament to the powerful network of JMMB, as one of the largest retail brokerages, and more importantly, the confidence the investors have in Sygnus and their strategic direction. This overwhelming response shows that investors understand this asset class, they want to be involved in this asset class and that is why we have seen this overwhelming confidence. The JMMB team looks forward to continuing to bring innovation to the market and provide credible opportunities for investors and businesses alike,” shared Karl Townsend, JMMB’s Chief Country Officer (Jamaica), Capital Markets Unit.
Sygnus is a leading alternative investment management company in the Caribbean and Latin America, spanning private credit, real estate, and private equity. Sygnus manages Sygnus Credit Investments Limited (SCI) which is listed on the JSE and the largest Private Credit Investment company in the English-Speaking Caribbean. SCI is a pioneering private credit investment company, which offers creative debt financing to middle market businesses across the Caribbean. Sygnus Real Estate Finance Limited (SRF) provides flexible capital (Debt or Equity) to all classes of real estate assets (commercial, industrial, or residential). Sygnus Deneb Investments Limited (SDI) invests private equity capital in companies in the form of growth capital, buyouts, and turnarounds. The Sygnus Group also includes Acrecent Financial Corporation in Puerto Rico, a non-bank financial institution that provides asset-backed loans and leases to SMEs in Puerto Rico. Sygnus also offers its clients Investment Banking and Wealth Advisory.