Sygnus Credit Investments Extends Share Offer to Meet High Demand
Funding | Dec 13, 2024 | Sygnus Capital Ltd
Sygnus Credit Investments (SCI) has extended its Cumulative Redeemable Perpetual Preference Share Offer by two weeks, now closing on December 30, 2024. This US$26 million capital raise, initially set to expire on December 12, aims to allow broader investor participation. The decision was made after SCI received numerous requests from potential investors needing more time to finalize their involvement. The offer, launched on November 25, is part of a larger strategy to secure up to US$100 million in funds over the medium term. This issuance will increase SCI's total preference shares raised within a year to US$75 million. The new shares, structured to raise up to $1.6 billion in local currency and US$20 million, intend to refinance existing debt and support company growth, focusing on private credit financing for medium-sized enterprises across sectors such as manufacturing, infrastructure, and financial services. The shares are planned to be listed on the Jamaica Stock Exchange.
Sectors
- Financial Services
- Private Equity
Geography
- Jamaica – The article references Sygnus Credit Investments' regulatory filing on the Jamaica Stock Exchange, indicating its geographical focus and operations in Jamaica.
Industry
- Financial Services – The article is centered around Sygnus Credit Investments' activities in capital raising and investment, which are key aspects of the financial services industry.
- Private Equity – Sygnus Credit Investments specializes in private credit, a subset of private equity where funds are raised from private investors to support business growth.
Financials
- US$26 million – The capital being raised through the preference share offer.
- US$100 million – The medium-term fundraising goal of Sygnus Credit Investments.
- US$75 million – The total preference shares raised within a year by Sygnus Credit Investments.
- $1.2 billion – The local currency amount targeted to be raised with an option to upsize to $1.6 billion.
- US$20 million – Another tranche amount targeted to be raised in the offer.
- 10% per year – The interest rate offered on the local currency preference share tranche.
- 8.0% – The interest rate offered on the US$20 million preference share tranche.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sygnus Credit Investments | Target | Company | A company specializing in private credit financing, engaging in a preference share offer. |
| Sygnus Capital Ltd | PE Firm | Company | The parent company involved in managing investments and capital raises such as the preference share offer. |
| JMMB Securities Limited | Broker | Company | Acts as the broker facilitating Sygnus Credit Investments' preference share offer. |
| Jamaica Stock Exchange | Regulatory Body | Government | The stock exchange where Sygnus Credit Investments plans to list its preference shares. |