By Durrant Pate/Contributor

Sygnus Credit Investments (SCI) has extended its Cumulative Redeemable Perpetual Preference Share Offer by two weeks.

The US$26 million capital raise, which should have expired on Thursday, December 12, 2024, has been extended to Monday, December 30, 2024, to facilitate the broadest possible participation by investors in the offer. 

The preference share offer went on the market on November 25. Explaining the reason for the extension, SCI says it has received requests from potential institutional and other investors for additional time to conclude their investment process to participate in the offer.

“Consequently, SCI after consultation with its broker JMMB Securities Limited has decided to extend the closing date of the offer from Thursday, December 12, 2024, to Monday, December 30, 2024, to facilitate the broadest possible participation by investors in the offer,” the company reports in a regulatory filing on the Jamaica Stock Exchange (JSE).

Securing US$100 million over the medium term 

This capital raise forms part of plans by the firm to secure as much as US$100 million in funds over the medium term. The current preference share raise would take the company to US$75 million worth of preference shares on its books raised in a year.

The offer is structured to raise $1.2 billion in local currency with the option to upsize to $1.6 billion at 10 per cent interest per year, and up to US$20 million in another tranche at 8.0 per cent. The company plans to list the preference shares on the JSE.

The new issuance of perpetual cumulative redeemable preference shares aims to refinance US$11 million in existing debt and support future growth at the alternative investment company, which specializes in private credit as financing for businesses. Some of the funds will be invested in credit instruments tailored for medium-sized firms across sectors like manufacturing, infrastructure and financial services.