The Largest Capital Raise in SCI’s History Sets Caribbean Record
Sygnus Credit Investments (SCI) has achieved a groundbreaking milestone by raising a staggering $8 billion through its Preference Share Offer, surpassing the initial target of J$800 million and US$20 million. The public offering of JMD and USD Preference Shares witnessed an overwhelming response, with a remarkable 102% oversubscription.
The multi-tranche dual-currency cumulative redeemable preference shares garnered an impressive total of 3,214 orders, amounting to J$1.7 billion and US$40.3 million for Jamaican and US investors, respectively. The unprecedented demand prompted SCI to seek approval for an extension of the closing date to Friday, December 15, along with an upsizing of the offer by 100%. SCI’s Chief Investment Officer and Executive Vice President, Jason Morris, expressed his enthusiasm about the historic achievement, stating, “The public offering of preference shares was the single largest capital raise in the history of SCI and for any private credit company in the Caribbean region.” Morris added that the outcome reflects a shift in investor appetite towards a larger alternative investment allocation, akin to trends observed in more developed markets.
The preference share offer comprised three classes, all of which witnessed oversubscription, underscoring the strong investor confidence in SCI’s financial instruments. The success of the offering reinforces SCI’s position as a leading player in the Caribbean financial landscape. The funds raised through this record-breaking initiative are expected to bolster SCI’s strategic initiatives and further contribute to the growth of the company. The achievement not only highlights SCI’s financial prowess but also signals a positive trajectory for the broader investment landscape in the Caribbean region.
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