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First Rock successfully raises JM$700m

First Rock Capital Holdings has raised $700 million in corporate bonds. The medium term 6.5 per cent bond was arranged and brokered by Sygnus Capital.

Ryan Reid, CEO and co-founder of First Rock, says the success of this capital “shows the confidence that is placed in the company”.

President and co-founder of FirstRock Capital Holdings Limited Ryan Reid (File photo)

“We are again delighted and humbled in the expression of confidence meted out to us. All participants are institutional investors. It shows that the capital markets are alive and well. The bond will further facilitate our regional growth strategy,” Reid stated.

He told the Jamaica Observer that First Rock Capital Holdings is aggressively growing its balance sheet this year. The Jamaican-based real estate development and private equity firm is particularly keen on its Guyanese expansion hoping to tie up a number of deals there in the coming weeks.

(File photo)

Six local institutions took up the bond, the proceeds will be used to fund further regional expansion. As it stands, First Rock is pursuing transactions in Costa Rica, Cayman and Guyana.

The registrar and trustee for the bond is the Jamaica Central Securities Depository.