NCB Financial Group (NCBFG) is seeking to drum up support for its upcoming capital raise on the international capital market, which it announced last month.

The regional financial services provider disclosed in a notice on the Trinidad and Tobago Stock Exchange that it will share the terms of “the proposed offering of senior notes in the international securities markets (“the Offering”) in an updated “preliminary offering memorandum” in the week of July 21, 2025.

An offering memorandum is used for private placement capital raises, whereas a prospectus is for public equity and bond raises. “This is expected to be followed by pricing shortly thereafter and then transaction closure. The timing and completion of the Offering remain subject to factors including market conditions,” NCBFG further outlined.

The offer will only be available in the United States for purchase by “qualified institutional buyers”, as defined by Rule 144A in the US Securities Act, or to “non-US persons” in offshore transactions outside the United States.

NCB has secured ratings for the offer from international ratings agencies Standard & Poors and Fitch. However, the entity points out that the securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The announcement of the bond raise comes just over a year since NCBFG raised $2.5 billion in an additional public offering on the Jamaica Stock Exchange (JSE)—just half of the funds it had solicited from the investing public.

“The APO proceeds are intended to reduce debt and strengthen capital flexibility at the financial holding company. Our key operating businesses: National Commercial Bank, Guardian Insurance and Clarien Bank are all performing well and combined are contributing 30 – 40% of consolidated earnings to the holding company. At current run rates, the shortfall in the raise should be generated from earnings over 4 – 6
months and is not expected to significantly impact our plans for the coming year,” the company wrote in a JSE notice on June 7, 2024.