NOVEMBER 19, 2024
PRESS RELEASE
FOR IMMEDIATE RELEASE
SYGNUS CREDIT INVESTMENTS ANNOUNCES PERPETUAL CUMULATIVE
REDEEMABLE PREFERENCE SHARE OFFER, EARLY SUBSCRIPTIONS ACCEPTED
FUNDS TO SUPPORT GROWTH INVESTMENTS FOR REGIONAL MEDIUM-SIZED
BUSINESSES
(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 Perpetual (no maturity date, allowing for long-term capital placement)
Cumulative Redeemable Preference Share Offer of J$1,200,000,000.00 (up-sizeable to
J$1,600,000,000.000) and US$20,000,000.00, across two (2) classes of Preference Shares.
SCI is inviting the public to subscribe for the Preference Shares, which opens on November
25, 2024, at 9:00 a.m. and closes on December 12, 2024, at 4:30 p.m. SCI intends to list the
Preference Shares, which will be converted into Preference Stock Units upon issuance, on the
Jamaica Stock Exchange following the close of the Offer. Sygnus Capital will act as the lead
arranger, with Jamaica Money Market Brokers (JMMB) Securities Limited as the lead broker.
Allocations may be on a prorated basis, per category of Preference Shares, 21 days after the
Invitation is closed, and an announcement will be made informing of the allocation of Shares to
successful applicants. The two (2) classes available in the offering are as follows:
Jason Morris, Chief Investment Officer and Executive Vice President at Sygnus, explained the
purpose of the capital raise: “SCI is dedicated to empowering the growth of medium-sized firms
across the region by offering access to innovative financing solutions. SCI is principally
focused on growing its position in the private credit space, which will be accomplished by
fulfilling two key objectives: firstly, expanding the private credit portfolio through financing an
over US$100 million dollar investment pipeline, primarily in the Jamaican market. Secondly,
optimising SCI’s capital structure by achieving a more balanced mix of debt and equity capital,
aligning with best-in-class private credit firms globally. To support this mission, SCI is seeking
to raise J$1,200,000,000 and US$20,000,000 respectively, through dual currency perpetual
cumulative redeemable preference shares, as the Group continues to deliver on its
commitment to maximizing shareholder value. We extend our deepest gratitude to investors,
business partners and clients for their ongoing and growing support as we unwaveringly
pursue regional growth and success.”
Karl Townsend, JMMB’s Chief Country Officer (Jamaica), Capital Markets Unit shared, “JMMB
Securities Limited is proud to partner once again with Sygnus Credit Investments on this
innovative capital raise. This offering provides investors with a unique opportunity to benefit
from stable, long-term returns while supporting the growth of medium-sized businesses across
the region. As the largest retail broker, JMMB Securities Limited remains committed to making
such opportunities accessible to our clients through our online banking platform, Moneyline and
the wider public through Moneyline IPO, a platform accessible to persons who do not have an
account with JMMB.”
SCI recently released its financial results for the three months ended September 30, 2024 (“3
Months 2024” or “Q1 Sep 2024”). The Group achieved records for total investment income, net
investment income and net profits. SCI reported a more than five-fold increase in net profits to
US$4.92 million versus US$744.8 thousand in the corresponding period last year, supported
by a two-fold or US$3.44 million increase in total investment income to US$5.09 million for Q1
Sep 2024 compared to US$1.65 million last year. Additionally, total assets increased US$41.39
million or 25.6% to US$203.36 million compared to US$161.97 million last year. While total
shareholder’s equity increased by US$8.07 million or 11.7% to US$77.02 million versus
US$68.95 million in the previous year.
The Group’s 95.58% owned Puerto Rican subsidiary, Acrecent Financial LLC which completed
its reorganization on July 1, 2023, achieved yet another set of new milestones for total
investment income and net investment income while reporting a more than four-fold increase in
net profits to US$1.58 million. Since completing its reorganization, Acrecent’s earnings power
was a cumulative US$5.76 million in net profits, which exceeded its cumulative earnings over
the previous ten years combined.
“The perpetual cumulative redeemable preference shares offer is structured to provide SCI with
long-term capital that aligns well with our commitment to sustainable, regional growth. By
choosing this type of instrument, we’re allowing SCI to secure flexible capital that can fuel
ongoing investments in medium-sized businesses across the Caribbean, helping them scale
and succeed. This offer supports our vision of providing innovative, accessible financing that
empowers these firms to contribute meaningfully to economic resilience and job creation across
the region,” explained Gregory Samuels, Senior Vice President and Head of Investment
Banking, Sygnus Capital, the lead arranger for the offer.
All Applications should be submitted electronically via JMMB’s Moneyline™ platform by logging
on to the following websites: JMMB clients may log on at
https://moneyline.jmmb.com/personal/login.php while non-JMMB clients can access the
platform at https://moneylineipo.jmmb.com. SCI reminds investors who are interested in
subscribing for the Perpetual 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 sygnusgroup.com. Learn more about the SCI Perpetual
Cumulative Redeemable Preference Shares by visiting https://sygnusgroup.com/invest-in-sci/ .
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About Sygnus
Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, and private equity, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.
