The Cable Bahamas Limited board has given notice to shareholders that it will exercise its option for early redemption of its Series 11 Preference shares.
The transaction will be done in accordance with the terms and conditions of CBL’s Confidential Private Placement Memorandum dated 15 June 2016, the company stated in its announcement.
The early redemption date is set for December 29, 2020.
The redemption amount, together with accrued and unpaid interest up to and including the early redemption date, will be paid to each registered holder on December 29. The notice takes effect on September 30, 2020.
In June 2017, CBL tapped the Jamaican market for financing through two issues of preference shares which were listed on the Jamaica Stock Exchange (JSE).
One of the preference stocks set a new record for price on the exchange at $1 million per share.
The USD listing under the symbol CA11A comprised 4,090 shares valued at US$1,000 each. The JMD listing, CA11B, comprised 1,349 units valued at $1 million each.
The company, which is publicly listed company in its home market, raised capital on the Jamaican market to position itself for competition against rival Bahamas Telecommunications Company.
Jamaican investors bought up $1.9 billion of preference shares from the telecom.