Caribbean Cement Company Ltd. (CCC) has advised that pursuant to authorization by its Board of Directors on November 30, 2018, CCC and one of its subsidiaries, entered into a revolving loan facility with National Commercial Bank Jamaica Limited as lender for a principal amount of $3,076,000,000 Jamaican Dollars (Loan Facility), which will be made available in United States Dollars.
CCC further advised that the proceeds from the Loan Facility were received by CCC on November 30, 2018 and will be used to pay related party debt denominated in United States Dollars, diversifying the sources of funds for CCC. Throughout its term, the Loan Facility will also be used for general corporate purposes, reports CCC.
The key terms of the Loan Facility are:
a. Unsecured revolving loan facility for a principal sum of $3,076,000,000 Jamaican Dollars
b. The term is five years
c. The interest rate will be at a fixed rate of 7.45% per annum
d. Jamaica Gypsum and Quarries Limited, a subsidiary of CCC, has also entered into the Loan Facility as borrower.