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VM Investments Ltd (VMIL) has increased the size of its public bond offer to $4.8 billion after increased investor demand, the company disclosed on Sunday.
“Successful applicants will receive confirmation of their allotments through their
respective brokers,” stated the release on the weekend.
The take-up gives VMIL the firepower to execute the debt refinancing that underpins the offer. Chairman Michael McMorris said in the offer prospectus that the bulk of the proceeds – roughly $3.96 billion – will retire a portion of an existing bond the company listed on the Jamaica Stock Exchange in three tranches in April 2025. The refinancing is designed to extend maturity dates and improve VMIL’s debt-servicing capacity amid a volatile capital market.
