NCB Capital Markets underwrites $700m bond for Paramount Trading Loop Jamaica

The content originally appeared on: Jamaica News Loop News
Loop News

4 hrs ago – Updated

CEO of Paramount Trading, Hugh Graham (Front, 2nd left) and NCB Capital Markets Limited CEO, Angus Young (Front, 2nd right) shake on it, while Radcliff Knibbs, Paramount’s Chairman (Front, left); Richard Samough (Front, right), NCBCM’s Assistant Vice President – Origination and Structuring; (Back, L-R), Everton Young, Paramount’s Chief Operating Officer; Brian Dennis, NCBCM Investment Banking Associate; and Nadia Jervis, Senior Relationship Manager – Commercial Banking at NCB Jamaica, look on.

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NCB Capital Markets Limited (NCBCM) has announced the successful closure of a $700 million bond with Paramount Trading (Jamaica) Limited (Paramount).

Angus Young, Chief Executive Officer, NCBCM, expressed confidence in Paramount’s vision, stating: “This fully underwritten bond offer reflects our commitment to providing tailored financial solutions for our client’s success. It is a great way to start the New Year, especially coming out of 2023, where there was a general slowing of capital markets activities and new issuances.”

Young further indicated, “In 2024, we anticipate increased capital markets activity, and we are proud to lead the charge.”

Despite market challenges in 2023, the manufacturing sector remained resilient with notable growth as highlighted in the Planning Institute of Jamaica’s Review of Economic Performance July – September 2023, where it is observed that ‘growth in the Manufacturing industry was estimated to be 3.2 per cent, stemming from increased output in both the Food, Beverages & Tobacco and other Manufacturing sub-industries.’

The manufacturing sector was one of three sectors reporting real growth during the reporting period.

In acknowledging its contribution to the performance of the manufacturing sector at the recent signing of the Bond Agreement, Hugh Graham, CEO of Paramount Trading noted, “We are excited about the strategic initiatives in our pipeline that will continue to fuel our performance. The raised funds will be used to refinance some maturing obligations, and fuel our expansion plans – more specifically the upgrading of our refinery operations serving the automotive lubricants segment of the business.”

Paramount is a leading manufacturer and distributor of chemical raw materials to Jamaica’s market leaders— the food & beverage industry, construction, hospitality, the bauxite and mining industries, and is listed on the Junior Market of the Jamaica Stock Exchange.

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