Upcoming board meeting to consider resolution to effect equity raise

Durrant Pate/Contributor

Jamaican university student housing developer and operator, 138 Student Living Jamaica (138SL) plans to go back to the local capital market for equity financing.

138SL, which is listed on the Jamaica Stock Exchange, is to convene a board meeting on February 7 to consider recommending certain resolutions to facilitate additional equity investment. The proceeds of the equity investment are needed to pay down debt while financing current and future development.

The company last went to the equities market in November 2014 when it went public through its successful initial public offer (IPO) of shares raising J$562.9 million from a float of ordinary and redeemable preference shares. The IPO includes 98.6 million ordinary shares priced at $4 and 33.68 million floating rate preference shares for $5 each.

138SL engages in the construction and lease of living facilities for students at the University of the West Indies, Mona campus. The company was founded on August 15, 2014 and is headquartered in Kingston.