SSL Closes Jamaican Teas Ltd Corporate Bond – raising over J$ 100 million
SSL is pleased to announce the closing of Jamaican Teas Ltd. (JTL) which offered a Corporate Note to be traded on the Jamaica Stock Exchange (JSE) Junior Market closed today, November 7, 2013.
The Invitation garnered over 80 applicants with the majority fitting well with the income objective of our SSL client portfolios advised by our SSL financial advisors for financial planning and money management. It was a raise of over J$ 100 million to be employed in the build out of JTL’s St Thomas development and debt restructuring. The Note is a four year instrument fixed at 8.5% p.a. for the first two years.
“I want to congratulate the SSL team on another successful offer; this one is significant because we were able to raise the funds needed by the client at a rate of 0.10% below the last GOJ Treasury auction. Jamaican Teas Limited is a strong company and we are happy for the opportunity to work with the organization and bring value to all who participated.” Lamar Harris, Manager Investment Banking & Attorney-at-law.
“I am happy that we were successful in raising over $100 Million in our corporate bond offer. This was achieved in an environment of extreme economic uncertainty when most investors tend to prefer investing for the short term .I feel that an important reason for our success was the decision to list the security on the Junior Stock Exchange so the investors had the confidence of being able to trade the securities if they needed to. I congratulate SSL for their hard work in making this a success.” John Mahfood, CEO
Jamaican Teas Ltd. distributes the renowned Tetley black tea as well as a Premium Blend of black tea, together with Earl Grey black tea, Green Tea, and Peppermint and Chamomile herbal teas. They are also proprietors of the Caribbean Dreams line of products which consists of herbal teas sourced by the company from Jamaica and other sources, as well as drinking cocoa, powdered natural coconut milk and a range of spring water.
Stocks & Securities Ltd. (SSL) was the sole financial advisor and broker for the offer. The closing of the Invitation represents SSL’s 1st Client Corporate Bond offering on the JSE Junior Market.
