Business
JAM | Feb 2, 2025

‘Mek yuh pocket skyrocket’: Mayberry leans on marketing campaign to pitch latest bond

/ Our Today

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Mayberry Investment’s Oxford Road main offices in New Kingston. (Photo: mayberryinv.com)

Mayberry Investments Limited has launched its BondBerry Tranche III, inviting investors to “Mek Yuh Pocket Skyrocket” with a secured bond offering. 

The bond issue, amounting to J$2.3 billion, is open as of January 31 and will close on February 28.

Key features of the secured bond

Interest rate: 10.25 per cent per annum
Tenor: 24 months
Maturity date: The business day falling 24 months after the issue date
Security: The bond is secured by a charge over Mayberry’s Secured Loan Book Pool

Financial covenants:
Maximum leverage ratio of 4.00x
Minimum current ratio of 1.20x

Option up-size: Mayberry reserves the right to up-size the offering by an additional J$1.15 billion, bringing the total potential issuance to J$3.45 billion.

The proceeds from this secured bond will be used to fully repay the existing Mayberry J$2.282 billion – 11.00 per cent secured bond maturing in January 2025 as well as to cover expenses associated with this new invitation.

Investor benefits

Flexibility: The company may voluntarily prepay or redeem bonds at par without penalty on any interest payment date, subject to 30 days’ notice.
Tax efficiency: If listed on the Jamaica Stock Exchange (JSE), bond transfers will be exempt from transfer tax and stamp duty.
Quarterly interest payments: Interest payments are due on March 31, June 30, September 30, and December 3, with the first payment on March 31, 2025.

(Photo: Instagram @mayberryinvja)

Allotment and subscription details

Issue price: 100 per cent of the principal face value

Minimum subscription: J$20,000, with increments of J$10,000 thereafter

Basis of allotment: Applications will be accepted on a first-come, first-served basis. In the event of oversubscription, Mayberry reserves the right to allot bonds on a pro-rata or other fair basis.

Application and payment

Mayberry has outlined multiple approved payment methods, including transfers via real time gross settlement (RTGS), automated clearing house (ACH), or manager’s cheque for smaller amounts. Detailed instructions are included in the prospectus available at Mayberry’s offices or on the JSE website.

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