Business
JM | Jan 21, 2023

Last remaining tranche of Mayberry bond issue closed

/ Our Today

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Mayberry Investments’ Oxford Road offices in St Andrew.

Mayberry Investments has closed the last remaining tranche of its four tranche J$5-billion Secured Bond Offer, which opened last month.

Tranche I was closed yesterday (January 20) as originally planned. Mayberry is reporting that, like the other tranches II, III and IV, tranche I was oversubscribed. Applications that meet the requirements set out in the Prospectus will be accepted on a “first come first served basis”.

Mayberry went to market with the bond issue on December 2, 2022, seeking to raise an initial amount of J$5 billion with the option to up-size the amount to J$7 billion, which has been done.

MAYBERRY TO MAKE APPLICATION TO JSE

The bond issue was executed in four tranches with 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, respectively.

Mayberry will make an application to the Jamaica Stock Exchange for the bonds to be admitted on its bond market. If the application is successful, it is anticipated that the bonds will be admitted to trading within 21 days of the closing date of the bond issue.

Mayberry intends to use the proceeds to expand its portfolio of securities loans and for general corporate purposes.

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