![](https://loopnewslive.blob.core.windows.net/liveimage/sites/default/files/2021-03/oqFGQHdcJY.jpg)
Mayberry Investments Limited has announced plans to refinance a bond with an upsized value of $3.4 billion.
The company aims to refinance the new bond at a lower interest rate of 10.25 per cent, down from 11 per cent, reflecting the overall easing of the economic environment.
The funds will be used to fully repay its existing $2.28 billion bond, due this month. The new bond's tenure will span 24 months.
The company's new CEO, Patrick Bataille, highlighted the board's resolution authorising the upsize of the amount.
"The company will make an application to the Jamaica Stock Exchange for the secured bonds to be admitted to trading on the bond market," stated Bataille adding that if successful, the bonds are expected to be traded within 21 days of the closing date.
This strategic move is expected to reduce Mayberry's financing costs and improve its overall financial health. As a key player in Jamaica's financial sector since 1985 and listed in 2005, Mayberry holds some $19.9 billion in assets under management and serves over 37,000 clients.