RF Bank & Trust (RF) has announced the successful completion of a Bahamian dollar $219 million private placement, the largest in the Bahamas to date. The offering, which closed on June 28, 2022, was fully underwritten by RF.
The investment bank acted as the Financial Advisor, Placement and Escrow Agent in the refinancing of Series 6 and 9 Preference shares of Cable Bahamas Ltd.(CBL), a Bahamian telecommunications company.
The private offering included the redemption of Series 6 preference shares and investment of the proceeds into Series 15 Preference Shares and the redemption of Series 9 Preference Shares and investment of the proceeds into Series 16 Preference Shares.
Of the total amount of $169 million previously invested in Series 6 and 9 Preference Shares, only $7.3 million was not reinvested into Series 15 and 16 Preference Shares.
As a further indication of the Bahamian investor confidence in CBL, in addition to the reinvestment of $169m in redemption proceeds, investors invested a further $50M in the Preference Shares, bringing the total investment in Preference Shares to $219 million.
“This is the largest private offering the country has seen to date and RF was proud to have successfully completed the transaction ,” noted Jim Wilson, RF Vice President of Invesment Banking .
“RF was extremely pleased with the high level of support the offering received from investors, particularly coming on the heels of the pandemic and a stagnant investment market.
“This refinancing will allow CBL to invest in strategic plans including the rollout of our FTTH Network,” commented Victor Marcial, Cable Bahamas Group CFO. (PR)
