Following the successful closure on a $2.0-billion dual currency bond offering, Chukka Caribbean Adventures has disclosed its intention to list on the Jamaica Stock Exchange.

Led by Sygnus Capital and Sagicor Investments, the bond which was issued in both JMD and USD denominations, has a fixed coupon of 8.50 per cent and 6.50 per cent respectively and matures in the next five years.

Chukka Caribbean will pay quarterly interest on the bond.

Proceeds of the financing will be used to refinance existing debt in addition to improving cash flow for the company to pursue expansion opportunities.

One of the expansion options being explored by the adventure tours company is to expand its partnership with Carnival Cruise Line. Chukka Caribbean is also looking to acquire more business outside of Jamaica.

“We can’t disclose the details but we are talking with big partners and they have asked that we look at other destinations in addition to the three countries that we are in, so we are exploring that now. We are in some discussing about possible companies that we could acquire or merge or roll into our business to speed up our growth,” Director of Treasury Alexander Melville told the Jamaica Observer.

The adventure tour company is also looking to list on the Jamaica Stock Exchange but noted that securing the bond offer at this time allows the company to capitalise on growth opportunities on its own.

“But our plan is to list. All things being equal, somewhere between the next two to three years,” he told the Business Observer.

Based in Turks and Caicos, St Lucia, Belize and Jamaica, Chukka Caribbean currently offers roughly 60 activities to excursionists including the extreme zip lines and river tubing, horseback riding and the Bob Marley bus ride adventure.

Earlier this year, the adventure tour company was awarded the Caribbean’s leading tour operator by Carnival Cruise Line for Montego Bay, Jamaica, and Belize.

Collectively, Chukka Caribbean’s operation delivered adventure tours to more than half a million cruise and hotel guests. However, its the first time that the company has tapped the local capital markets.

“We are very pleased with the level of demand for our bond from the market and we received a very competitive interest rate that will allow us to save on debt servicing. This transaction will also allow us to establish a relationship with institutional investors and we expect these mutually beneficial relationships to continue as we seek alternative financing options to grow our business,” Melville said.