Durrant Pate/Contributor

NCB Financial Group Limited (NCBFG) is on the hunt for US$300 million in funding on the international capital market.

Jamaica’s biggest banking conglomerate is signalling its intention to tap the market for US$300 million by way of floating new Senior Notes, subject to terms acceptable to NCBFG, including pricing. 

In a note to the capital market, NCBFG says, “This announcement is not an offer, solicitation or sale of securities in the United States or any other state or jurisdiction, and there shall not be any offer, solicitation or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.”

Offer limited to “qualified institutional buyers” 

The banking group explains that the securities described in the announcement may only be offered in the United States to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act of 1933, as amended or to “non-U.S. persons” in offshore transactions outside the United States in accordance with Regulation S thereunder. 

NCBFG said the securities have not been and will not be registered under the Act, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Act.

The notes are expected to price by next Wednesday, June 11, and close shortly thereafter. They will be rated by Standard & Poor’s Ratings Services and Fitch Ratings. 

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.