BCW Capital has successfully completed an unsecured, five-year, fixed rate bond offer of $850 million for Jamaica Broilers Group.
The companies announced the completion of the deal this week.
"We are extremely proud to have assisted JBG with this landmark transaction as it underscores a positive view that we share of JBG and Jamaica," said BCW's managing director of investment banking, Charles Chambers.
Chambers noted that the transaction was especially significant given the current market environment which includes a lack of liquidity, uncertainty surrounding the International Monetary Fund (IMF) deal and the aggressive pricing of the transaction relative to GOJ instruments.
"This deal augurs well for any issuer interested in long-term fixed rate financing through the capital markets and the market should have moved in this direction after the 2010 Jamaica Debt Exchange and resulting IMF agreement," Chambers said.
According to Ian Parsard, senior vice-president of operations and finance at JBG. "The capital raised will allow the company to fund increased working capital requirements and execute some strategically important capital projects while lengthening the maturity profile of the company's overall debt."
BCW Capital is Jamaica's newest investment house, led by Chambers and Gerry Wight, managing director of operations. The company has recruited a top investment banking and sales team that includes Paul Simpson as vice-president for sales and marketing, and Joel Gordon as institutional sales manager.
"Joel brings significant experience having spent time at HSBC Bank, NCB Corporate Banking and CIBC Corporate Banking, while Paul was a founding member of Proven Management Limited serving as vice president Sales and Marketing," said Chambers.
Chambers said Simpson and Gordon will play an instrumental role in BCW's mission to be the most customer-centric financial services firm in the Caribbean.
"Joel and Paul are making a significant contribution in turning this mission into a reality. We are looking forward to playing a role in the development of a true corporate bond market in the Caribbean as an alternative means for companies to raise capital," said Chambers.
He added that BCW Capital prides itself on being nimble and responsive to client needs and a true investment banking firm connecting pools of capital with clients that need funding for projects, expansion, etc. In addition to capital raising, structured products and investment advisory services, the company is also licensed as a pension investment manager.
BCW Capital is guided by a board of leading local and international businessmen, including Aubyn Hill, Christopher Levy, William Mahfood, and James Goren.