Mayberry Investments has completed apportioning Tranche I, II, III of its four tranche upsized J$5-billion bond issue, which went on the market last month and closed earlier this month.
In Tranche I, all applicants who successfully completed their applications for this tranche by 4:00 pm on January 20, shall receive full allotment of their subscription while all applicants, who successfully completed their applications for tranche II by 2:00 pm on January 17 shall receive full allotment of their subscription.
In the case of Tranche III applicants, all who successfully completed their applications by 2:00 pm on January 12 will receive full allotment of their subscription. Mayberry had earlier apportioned Tranche IV, which was closed earlier than the January 6, 2023 slated closure because of an oversubscription of applications.
In accordance with the terms and conditions set out in the bond prospectus, all tranche IV applicants, who successfully completed their applications by 4:00 pm on December 23, shall receive full allotment of their subscription. The 36-month IV tranche carried an interest rate of 12 per cent per annum and was for J$1.25 billion but received application in excess of this amount on December 23, 2022.
The bond issue was executed in four tranches, each offering subscriptions amounting to $1.25 million maturing in 13, 18, 24 and 36 months at interest rate of 9.26 per cent, 10 per cent, 11 per cent and 12 per cent. Mayberry is seeking to raise an initial amount of J$5 billion with the option to up-size the amount to J$7 billion.
The company will make an application to the Jamaica Stock Exchange for the bonds to be admitted on its bond market.