Thursday 23 May, 2019

Sagicor hosts celebratory event for JPS US$180 million transaction

Individual investors, as well as pension fund managers, were recognized and awarded for their participation in the deal while enjoying the evening’s light cocktail offerings and entertainment.

Individual investors, as well as pension fund managers, were recognized and awarded for their participation in the deal while enjoying the evening’s light cocktail offerings and entertainment.

Sagicor Group Jamaica hosted a celebratory cocktail event last Thursday at the Terra Nova Hotel All Suite’s Hotel, transforming the venue’s Pavilion function room into a modern and chic space as the company’s executives expressed gratitude and thanks to the investors who helped in achieving a historic debt restructuring deal of US $180 million for the Jamaica Public Service (JPS).  

Individual investors, as well as pension fund managers, were recognized and awarded for their participation in the deal while enjoying the evening’s light cocktail offerings and entertainment.

President and CEO of Sagicor Group Jamaica, Christopher Zacca, as part of the formalities thanked the JPS for trusting Sagicor to undertake such a huge transaction on their behalf; he said, “I wish to pay my deepest respect to the JPS team, who worked with us every step of the way in this complex deal, in a spirit of trust and partnership.”

Sagicor Group Jamaica President and CEO Christopher Zacca (left) greets JPS CEO Emanuel DaRosa (right). Sagicor Bank CEO Chorvelle Johnson (centre) shares in the moment.

Speaking on behalf of JPS was CEO, Emanuel DaRosa, and Chairman, Seiji Kawamura, both expressing their appreciation to Sagicor for being helping them realise this need.

This transaction represents the largest debt restructuring transaction by any financial institution in Jamaica to date with sister companies, Sagicor Investments raising JMD$10.68 billion and US$34 million from two corporate bonds respectively, while Sagicor Bank raised US $66 million in a syndicated loan and FX forward contract.

The deal was completed in February being fully subscribed.

This raise is expected to translate into significant savings per annum for the remaining three years of the utility company’s debt as it will lower JPS’ interest costs and reduce currency risk. The debt was refinanced at 11 per cent (USD), with the replacing debt priced at 7.35 per cent (USD) and 8.40 per cent (JMD).

Get the latest local and international news straight to your mobile phone for free: