THE National Industrial and Commercial Investments Limited (NICIL) has issued a US$ 150M equivalent bond facility, arranged by Republic Bank Limited exclusively through its Investment Banking Division, a statement from NICIL said.
Transaction attorney Devindra Kissoon of London House Chambers, a local law firm, was instrumental in the process. According to the statement, the bond will be issued in multiple tranches, with the first tranche of roughly G$17B or US$85M equivalent being issued to local investors on Friday, May 24, 2018.
“With the issue, NICIL becomes the first public issuer to raise debt in the local capital markets in over 10 years. The bond is the largest ever bond facility arranged in Guyana and was oversubscribed by local investor on the first tranche,” the statement said.
According to NICIL, the proceeds of the bond will be used towards capital expenditure and general operations for the Guyana Sugar Corporation (Guysuco). NICIL’s team, lead by Colvin Health-London, the Head of the Special Purpose Unit (SPU), secured the bond to recapitalise the GuySuCo’s operations.
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