News Americas, KINGSTON, Jamaica, Fri. Jan. 26, 2024: Jamaican company, Sygnus Credit Investments, (SCI), has made a significant move by listing its preference share offer on the main market of the Jamaica Stock Exchange, (JSE). This listing, which occurred on January 19th, marks the first of the year and is part of a larger strategic move by the company.
The preference share offer comprised three tranches and garnered considerable attention from investors. In fact, it was oversubscribed by an impressive 102% following a successful closing in December. This achievement highlights the strong demand for SCI’s offerings in the market.
Jason Morris, Chief Investment Officer and Executive Vice President, Sygnus, inserts strip as members of the Sygnus, JMMB and Jamaica Stock Exchange teams look on. (Front L to R) Dr Marlene Street Forrest, Managing Director, JSE Group, Karl Townsend, Chief Country Officer (Jamaica), Capital Markets Unit, JMMB, Linval Freeman, Chairman, Sygnus Credit Investments. (Back L to R) Berisford Grey, CEO and President, Sygnus, Alana Lawrence, Manager Capital Markets Unit, JMMB, and Gregory Samuels, Lead Arranger, Head of Investment Banking and Senior Vice President, Sygnus Capital.
This transaction is noteworthy not only for SCI but also for the JSE. It represents the largest capital raise in SCI’s history and stands as the largest capital raise on the JSE in over a year. Additionally, in terms of USD capital raise, it is the most significant transaction on the JSE since SCI’s initial public offering.
Dr. Marlene Street Forrest, Managing Director of the JSE Group, commended SCI for effectively utilizing the stock market to further its strategic plans. She noted that this listing represents a remarkable start to the year, surpassing the total capital raised in the main, junior, and US-denominated markets for 2023.
All three classes of SCI’s preference shares saw overwhelming interest from investors. The company successfully raised a total of J$8.0 billion equivalent. This substantial capital infusion reflects investor confidence in SCI’s growth prospects and its ability to deliver value.
Berisford Grey, CEO and President of Sygnus, expressed his gratitude to subscribers and emphasized the company’s pioneering role in the alternative investment space. He highlighted SCI’s commitment to driving economic growth across the region and creating wealth for investors.
SCI’s diverse investment approach encompasses various industries, including manufacturing, distribution, financial services, energy, and more. The company remains focused on expanding its private credit portfolio and participating in private credit transactions across the Caribbean, with a target of at least US$1 billion over the next three years.
Karl Townsend, JMMB’s Chief Country Officer (Jamaica), Capital Markets Unit, praised the overwhelming response to the offering. JMMB played a significant role in the success of the preference share offer, raising J$1.6 billion and US$40 million through JMMB Moneyline and its newly launched JMMB Moneyline IPO.
The successful listing of SCI’s preference shares underscores the company’s growth trajectory and the strong partnership between SCI and JMMB. It also highlights the growing investor interest in this asset class and the confidence in SCI’s strategic direction.
SCI’s listing on the JSE represents a significant milestone for the company and the exchange. It reflects SCI’s commitment to growth, innovation, and delivering value to its investors. The capital raised will enable SCI to pursue its ambitious growth initiatives in the Caribbean region.