NCB Financial Group has underwritten J$15.1 billion in senior secured financing to support the Jamaica Broilers Group (JBG) as it executes a revised strategy where its Jamaican operations are bolstered while it revises its overseas operations.

“JBG is one of Jamaica’s most significant indigenous agribusiness companies, with a critical role in national food security, employment, and rural livelihoods,” said Angus P Young, CEO of NCB Capital Markets Limited (NCBCM) and Executive Vice President, Corporate and Investment Banking at National Commercial Bank Jamaica Limited (NCBJ).

“Our support is grounded in the strength of the company’s core Jamaican operations and the decisive corrective actions now underway. We are encouraged by the approach being taken to address the matters identified in the Group’s US segment and have designed bespoke financing solutions aligned with JBG’s specific recovery and capital needs,” he said.

The proposed solution includes J$6.4 billion in loans from NCBJ, in addition to NCBCM arranging J$8.7 billion in multi-tranche bonds extending up to 14 years. The NCB team also led negotiations with other domestic creditors of JBG in resetting financial covenants and modifying the collateral security package. This is expected to provide JBG with the stability and runway required to execute its recovery strategy, reinforce internal controls, and return its operations to sustainable performance, while supporting the continued growth of its local operations.

“We are implementing a disciplined turnaround plan that places governance, oversight, and operational efficiency at the core,” said Christopher Levy, Group President and CEO of Jamaica Broilers Group. “We have strengthened leadership, restored financial controls, engaged auditors with specialised sector experience, and brought our US operations under the direct supervision of the Group’s Jamaican-based leadership. With NCB’s support, we are confident in our ability to regain momentum and rebuild shareholder value.”

JBG has identified and disclosed accounting matters within its US operations that adversely impacted cash flows, profitability, and consolidated results. The variance primarily reflects adjustments related to inventories and biological assets, goodwill impairments, and the recognition of previously unrecorded liabilities.

Importantly, the Group’s Jamaican operations remained profitable, delivering a net profit of J$2.5 billion and maintaining an equity position of J$16 billion for the year ended May 31, 2025, highlighting the resilience and underlying strength of the domestic business.

“With more robust corporate governance, transparency, and disciplined execution, we believe that JBG  is well-positioned to recover and deliver value to stakeholders and the wider economy. This J$15.1 billion deal is a tangible demonstration of the scale and range of NCB Financial Group’s capabilities, and a direct product of the recent operational merger of our Corporate and Investment Banking deal teams within NCB,” Young added.

Jamaica Broilers Group has played a central role in Jamaica’s agricultural and food production landscape for decades, supplying poultry, eggs, feed, and other essential agribusiness services that support national resilience and rural communities.

In closing, Young noted: “NCB Financial Group is one of the largest and most profitable indigenous financial groups in the region and our support of the JBG underscores the importance of strong indigenous financial institutions to the region.”