VM INVESTMENTS LIMITED RAISES $1 BILLION IN BOND OFFER
9 Apr 2018 | Back to News
April 9, 2018
(From left to right: VM Group Chairman Michael McMorris, VM Group CEO Courtney Campbell, and VM Group’s Chief Investment Officer Devon Barrett following the announcement that VMIL would $600 million last year.)
Victoria Mutual Investments Limited (VMIL) recently raised $1 billion in a bond offer.
The Jamaica Stock Exchange advised that VMIL recently raised the cash by way of an exempt distribution arranged by Victoria Mutual Wealth Management Limited.
The terms of the bond include a fixed rate of 7.75 per cent for two years, variable thereafter with a total tenure of five years. The offer was closed on March 29, 2018.
The bond would be seen as a further attempt to increase the company’s working capital resources to better offer services to the small and medium sized sector (SMEs).
The VMIL Initial Public Offering (IPO) was opened on December 11, 2017 and closed earlier than scheduled on December 12, due to oversubscription. The company sought to raise $700 Million but applications surpassed the subscription level totaling over $2.8 billion.
The Victoria Mutual Group, raised capital via an IPO to better enable the Victoria Mutual Investments Limited to grow its business of providing financing solutions for the SME sector and to capitalise on new business opportunities.
Over 52 per cent of applicants from the general public received their full allotment of Victoria Mutual Investments’ shares following its initial public offer.