Sagicor Investments raises $3B from Private Bonds Placement for SVL
Sagicor Investments Jamaica has secured $3 billion in funding for Supreme Ventures Limited (SVL) through a recently concluded private placement of bonds for the gaming company.
The bond, which will support SVL’s growth and expansion strategies, is tenured for five years at a seven per cent interest rate.
The funds will be used to finance the 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.
In commenting on the transaction, Mischa McLeod-Hines, Assistant Vice President – Capital Markets, Sagicor Investments, lauded 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, noting that Supreme Ventures has successfully extended its reach beyond the shores of Jamaica and continuously expands the lottery gaming industry.
SVL Executive Chairman, Gary Peart, noted 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, re-tooling and investing in infrastructure. We continue to realize our mandate of creating and maximizing 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.”
The bond offer was opened for a week between October 22 and October 30.
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