Sygnus opens preference share offer to raise US$26 million

Sygnus Credit Investments Limited (SCI) which offers business loans at more flexible terms than banks, plans to raise a cool US$26 million ($4 billion) through a new preference share offer.

The offer period runs from November 25 to December 12. The fresh cash will be used to pay off existing debt and fuel growth.

SCI plans to invest the remaining funds in credit instruments for medium-sized businesses in sectors like manufacturing, infrastructure, and finance.

This preference share offer is a major step in our journey to deepen the Caribbean private credit market, especially in Jamaica, said Linval Freeman, SCI’s chairman.

“SCI is seeking to raise additional ‘dry powder’ in the form of preference shares,” he said.

It’s the second offer in 13 months as the company guns to raise US$100 million in funding over the short term. The company has over US$300 million in deals working on that require financing.

The company said it's committed to maintaining a strong balance sheet with a debt-to-equity ratio below 2.0, ensuring it remains agile and ready to capitalize on future opportunities.

SCI is valued at US$200 million in total assets after starting in 2017.

“Given the resilient growth of SCI’s private credit portfolio which has fuelled seven successful years of operations, SCI has already begun executing its strategy to continue scaling its private credit business from the solid foundation laid during these seven years,” said Freeman.

Sygnus is led by Berisford Grey CEO, Jason Morris chief investment officer, and Dr Ike Johnson chief operating officer.