Sagicor Investments Jamaica has secured $3 billion in funding for Supreme Ventures Limited (SVL) through a recently concluded private placement of bonds for the gaming company.
The funds raised will be used to finance SVL’s recent acquisition of Post-to-Post Betting Limited, purchase the assets of Supreme Route Limited (formerly Bingo Investments Limited) and to procure video lottery terminal gaming machines and other assets.
The bond, which will support SVL’s growth and expansion strategies, is tenured for five years at a seven per cent interest rate. The bond offer was opened for a week on October 22 and closing on October 30.
In commenting on the transaction, SVL Executive Chairman, Gary Peart pointed to the positive response to the private placement, as a signal of the company’s strength and the confidence of the shareholders in the company’s vision. He expressed his pleasure that Sagicor Investments partnered with SVL, which he said “resulted in a successful partnership with great results.”
According to the SVL Executive Chairman, “we have and will continue to forge ahead in our strategic plan to focus on expansion, re-tooling and investing in infrastructure. We continue to realize our mandate of creating and maximizing value for our shareholders through innovative gaming solutions for the Caribbean.”
He argued that this has been demonstrated in SVL’s performance as the gaming company remains profitable year to date and have seen a year over year increase in its subsidiaries and segments.
For her part, Mischa McLeod-Hines, Assistant Vice President of Capital Markets at Sagicor Investments, lauded SVL for solidifying its position as an industry leader through successful acquisitions, technological innovations and product expansion.
“Our aim at Sagicor Investments is to help companies achieve their business objectives and strategic initiatives. We are pleased that we were able to secure this financing on behalf of Supreme Ventures in order to support their various business plans,” McLeod-Hines said.
She noted that Supreme Ventures has successfully extended its reach beyond the shores of Jamaica and continuously expands the lottery gaming industry.