Sagicor Investments Jamaica has announced that it last month raised JM$3 billion through a private placement of bonds for gaming company for Supreme Ventures Limited (SVL).
The bond, which opened October 22 and closed on the 30th, has a tenure of five years with a coupon rate of seven per cent.
As a result of the raise, SVL will deploy the funds to support its growth and expansion strategies. In particular, the gaming company will use the proceeds of the private placement to finance its acquisition of Post to Post Betting Limited, to purchase assets for Supreme Route Limited (formerly Bingo Investments Limited), and to procure video lottery terminal gaming machines and other assets.
Following the successful completion of the transaction, Sagicor Investments Assistant Vice President — Capital Markets Mischa McLeod-Hines commended SVL for solidifying its position as an industry leader through successful acquisitions, technological innovations and product expansion.
“Our aim at Sagicor Investments is to help companies achieve their business objectives and strategic initiatives. We are pleased that we were able to secure this financing on behalf of Supreme Ventures in order to support their various business plans,” she said.
McLeod also noted Supreme Ventures’ successful expansion of its footprint beyond the Jamaica’s borders, especially its continuous growth in the lottery gaming industry.
SVL Executive Chairman Gary Peart also underscored that the positive response to the private placement is a signal of the company’s strength and the confidence of the shareholders in the company’s vision.
“We have and will continue to forge ahead in our strategic plan to focus on expansion, retooling and investing in infrastructure. We continue to realise our mandate of creating and maximising value for our shareholders through innovative gaming solutions for the Caribbean. This has been demonstrated in our performance as we remain profitable year to date and have seen a year over year increase in our subsidiaries and segments,” he said.
He added: “We are pleased that Sagicor Investments partnered with us, which resulted in a successful partnership with great results.”