JN Fund Managers has joined the growing list of brokers agreeing to participate as selling agents in the Wigton Windfarm Ltd initial public offering (IPO) of shares.

According to Luwanna Williams, corporate finance manager, JN Fund Managers Ltd, the selling agent agreement was signed with lead broker, Mayberry Investments, recently, to give its clients direct access to the share offer.

“We did Wigton’s debt refinancing, and based on our experience, we believe that it is a good fit for us to participate as selling agents in the upcoming IPO,” Williams stated.

With investment banking support from JN Fund Managers, Wigton successfully refinanced its Petro-Caribe loans amounting to US$49.2 million ($6.4 billion) in December of last year.

“Institutional investors supported the refinancing, which was the essential first stage in the divestment,” Williams said. “This helped to restructure the Wigton balance sheet to manage its foreign exchange risk.”

Wigton is the largest wind-energy facility in the English-speaking Caribbean. Starting operations in 2004, the facility had a generating capacity of 62.7MW in 2016, and its divestment forms part of a government programme, to give Jamaicans access to ownership of public assets.

“The bonds that were issued to institutional investors were attractive to those seeking longer-term fixed-interest securities,” Williams said. “The shares in the IPO will better serve the needs of the general investment community.”

The overall divestment process of the Petroleum Corporation of Jamaica subsidiary is being overseen by the Development Bank of Jamaica.

“We look forward to working with Mayberry in this share offer,” the investment banker stated. “And, we are anticipating a positive outcome.”