SYGNUS CREDIT INVESTMENTS ANNOUNCES CUMULATIVE REDEEMABLE PREFERENCE SHARE OFFER
SCI THE CARIBBEAN LEADER IN PRIVATE CREDIT INVESTMENTS, INVITES SUBSCRIPTIONS TO DRIVE REGIONAL BUSINESS EXPANSION
(Castries, Saint Lucia)
Sygnus Credit Investments Limited (“SCI” or the “company”) an entity under the Leading Alternative Investments firm, Sygnus Capital Limited (“Sygnus”), has announced its Dual Currency Cumulative Redeemable Preference Share Offer (the “Preference Share Offer”) of US$20 million and J$800 million, across three (3) classes of Preference Shares. SCI is inviting the public to subscribe for the Preference Shares, which opens on Monday, November 20, 2023. The offer closes on Wednesday, December 6, 2023, at 4:30 pm. SCI intends to list the Preference Shares on the Jamaica Stock Exchange following the close of the Offer. Sygnus Capital Limited is the lead arranger and JMMB Securities Limited is the lead broker and co-arranger of this offer.
Allocations of the Cumulative Redeemable Preference Shares will be determined based on the time of receipt of the subscription, on a first-come-first-served basis. Early subscriptions will also be accepted. The three (3) classes available in the offering are as follows:
|CLASS||NO. OF SHARES||PRICE PER SHARE||DIVIDEND YIELD||TERM||DOLLAR VALUE OF SHARES|
Jason Morris, Chief Investment Officer and Executive Vice President at Sygnus, in explaining the purpose of the funds noted that, “SCI continues its transformative growth path, aggressively expanding its private credit portfolio to scale the business and achieve its strategic goals. As part of this evolution, the company is dedicated to leading and participating in private credit transactions of at least US$1 billion across the Caribbean over the next 3 years. To help facilitate this growth, SCI is seeking to raise US$20 million and J$800 million via preference shares, particularly dedicated to financing more than US$75 million in private credit opportunities across Jamaica. Simultaneously, SCI has advanced its discussions with international partners for US$100 million to finance over US$150 million of opportunities across Jamaica and the wider Caribbean region. SCI remains committed to shareholder value creation as the business continues its rapid expansion”.
Karl Townsend, JMMB’s chief country officer (Jamaica), Capital Markets Unit, notes “JMMBSL is excited to partner with SCI to provide investors with an attractive opportunity that will see them being able to take advantage of steady cashflow and above average returns, while giving them exposure to a diversified portfolio. JMMBSL, as the largest retail broker is keen on making this offer available to its clients and now non-clients who can also use our online platform, JMMB Moneyline, to participate in this offer.”
SCI ended its 2022/2023 financial year on a high note, reporting a solid performance. The company reported record total investment income of US$8.89 million, record net profits of US$5.13 million and growth in its private credit portfolio beyond the US$150.0 million threshold. The company’s earnings per share was up 33.9% to US$0.87 cents while total assets were up 19.8% to a record US$163.86 million. SCI’s core revenues, or total investment income, grew by 7.8% or US$640.7 thousand to a record US$8.89 million for FYE June 2023. The group paid US$2.55 million (US$0.00431 per share) in dividends during FYE June 2023 bringing total dividends paid since SCI’s initial public offering in October 2018 to US$10.35 million or 17.0% of its share capital. Beginning operations in July 2017, SCI is the largest listed private credit investment management company spanning the English, Dutch, and Spanish-speaking Caribbean territories.
All Applications should be made on JMMB’s Moneyline platform. SCI reminds those investors who are interested in subscribing for the Preference Shares to read the full terms and conditions of the Invitation outlined in the Prospectus which is currently available on the JSE website at www.jamstockex.com and at http://www.sygnus.com/.
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.