Sygnus Achieves Record Share Offer on Jamaican Exchange
Deal News | Jan 18, 2025 | Sygnus Capital Ltd
Sygnus Credit Investments Limited has successfully closed the largest public perpetual preference share offering on the Jamaica Stock Exchange. The offering, which was initially open from November 25 to December 12, 2024, had to be extended due to high demand, closing on December 30, 2024. It raised J$1.71 billion and US$22.05 million, exceeding its initial targets and ultimately receiving an oversubscription with a total of over J$5 billion in investment. The shares were offered in two classes, yielding 10% for JMD and 8% for USD, both oversubscribed, with regulators allowing an upsizing of US$5 million to meet demand. The firm attracted over 1,000 investors, supported by JMMB Group Capital Markets. The success underscores a robust private credit market and increased investor interest in alternative investments. Sygnus plans to use the funds to finance businesses and projects across various industries, enhancing its impact in the Caribbean.
Sectors
- Financial Services
- Investment Banking
Geography
- Caribbean – Sygnus operates throughout the Caribbean, highlighting the region's economic development and investment opportunities via this significant financial event.
- Jamaica – The Jamaica Stock Exchange was the platform for the capital raise, underscoring Jamaica's role in the financial markets within the Caribbean.
- St. Lucia – The headquarters location of Sygnus Credit Investments Limited (SCI).
- United States – USD-denominated preference shares were part of the offering, linking the transaction to international investors and markets.
Industry
- Financial Services – The article focuses on Sygnus Credit Investments, a company involved in financial services, specifically private credit and alternative investments.
- Investment Banking – Sygnus Capital and JMMB Group Cap Markets play roles in the share offer, highlighting the investment banking industry's involvement in structuring and raising capital.
Financials
- J$1.71 billion and US$22.05 million – Total amounts raised from the preference share offering, initially aiming for J$1.2 billion and US$20 million.
- J$5,169,622,881.00 (US$32.9 million) – Total subscription amount received, reflecting the oversubscription of the shares.
- J$1,200,000,000.00 (up to J$1,600,000,000.00) and US$20,000,000.00 – Initial target amounts for the JMD and USD share classes respectively that were oversubscribed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sygnus Credit Investments Limited | Target company | Company | A leader in the Caribbean private credit market, executing a successful preference share offer. |
| JMMB Group Capital Markets | Broker and advisor | Company | The lead broker for the offer, facilitating investor participation and execution. |
| Jason Morris | Chief Investment Officer and Executive Vice President | Person | Provided official statements on the success and importance of the share offering. |
| Gregory Samuels | Vice President of Investment Banking | Person | Lead arranger of the transaction, commenting on Sygnus's market presence and the execution of the transaction. |
| Karl Townsend | Chief Country Officer, Group Capital Markets Unit (Jamaica) | Person | Expressed JMMB's role in facilitating the overwhelming success and interest in the share offering. |