Capital being raised through US$2-Indexed Bonds

Jamaica-based investment and brokerage company Proven Investments Limited is going on another capital raise on the Jamaican market.

This time the company is seeking to raise an aggregate amount of approximately J$3 billion through two USD-Indexed Bonds.

The Bonds will be issued in two separate tranches:

• Tranche A – Secured USD-Indexed Bonds of up to the Jamaican Dollar equivalent of Four Million United States Dollars (US$4,000,000.00).
• Tranche B – Unsecured USD-Indexed Bonds of up to the Jamaican Dollar equivalent of Sixteen Million United States Dollars (US$16,000,000.00).

The funds are needed for the continuation of Proven’s investment pipeline, which has already seen the company expanding to The Bahamas with the acquisition of Fidelity Bank & Trust International Limited.

The purchase price was US$31,835,988.50.

On March 16, last year, Proven entered into a Share Purchase Agreement with Fidelity to acquire the entire issued share capital of the bank conditional on receiving approval from the Cayman Islands Monetary Authority (CIMA).

CIMA, having approved the acquisition, saw the transaction being completed on February 1 with the transfer of the shares to Proven Bank Holding Limited, a wholly owned subsidiary of Proven Investments Limited, which was incorporated in The Cayman Islands.

Fidelity Bank & Trust International Limited is a financial services company incorporated in The Cayman Islands and is licensed with CIMA under the Bank and Trust Companies Act as a Category ‘A’ Bank to carry on banking business in The Cayman Islands.