Sygnus Credit Investments has closed the largest public perpetual preference share raise on the Jamaica Stock Exchange. Initially set to raise $1.2 billion, the offer received the equivalent of approximately $5.1 billion.
The company received 1,156 orders that amounted to $1.71 billion and US$22.05 million respectively for the perpetual (no maturity date, allowing for long-term capital placement) Cumulative Redeemable Preference Share Offer.
Jason Morris, Chief Investment Officer and Executive Vice President at Sygnus: “This capital will empower us to deepen our impact, enabling flexible debt financing for businesses and projects across the region.”
“We are once again honoured by the overwhelming support from investors for this landmark public offering. It is the largest public perpetual preference share raise in the history of the Jamaica Stock Exchange. This achievement marks yet another major milestone for Sygnus Credit Investments and the private credit sector across the Caribbean.”
He said raising the equivalent of over $5 billion in this offer underscores the strong confidence investors have in Sygnus’ strategic vision and business model and highlights the growing demand for alternative investments as a crucial component of a diversified portfolio.
Morris also thanked the JMMB Group Capital Markets team for their outstanding execution in attracting over 1,000 investors within just four weeks.
Karl Townsend, Chief Country Officer, Group Capital Markets Unit (Jamaica) at JMMB, expressed “We are happy to continue to support companies like Sygnus Credit Investments Limited (“SCI”) in raising capital on our local stock market to achieve their strategic growth goals.”
He highlighted that there was an overwhelming investor response to the SCI redeemable perpetual preference share offer, which was significantly oversubscribed even after being upsized. “This strong interest underscores the value investors saw in the offer for wealth creation, portfolio diversification, cash flow, and the company's long-term vision.”
Townsend, also noted that as the lead broker, JMMB Securities Limited leveraged the extensive JMMB network, expertise, and online investment platforms (Moneyline and MoneyLine IPO) to provide investors with a seamless way to apply for shares in the offer.
“We remain steadfast in providing businesses with innovative solutions designed to support them in achieving their strategic objectives.”
