Sagicor Financial Company aims to redeem debt early

SAGICOR Financial Company Limited (SFCL) has launched a cash tender offer for any and all of its 8.875 per cent senior notes which are due in 2022.

This comes in conjunction with SFC considering the issuance of new notes which will be used to pay for this redemption. US$318.1 million ($49 billion) remains outstanding as the principal amount on the 2022 notes. The 2022 notes were issued in 2015 by Sagicor Finance (2015) Limited when Sagicor Financial Corporation refinanced US$313.4 million in debt which was repayable in 2016. Fitch has affirmed SFCL’s debt rating at BB- for its new debt issue with its long-term issuer default rating at BB. The outlook by Fitch is stable.

SFCL gained access to US$11.3 million ($1.63 billion) in intercompany dividends from Sagicor Group Jamaica (SJ) with another US$7.6 million ($1.17 billion) set to be paid on May 14.

NCBCM aiming for Trinidad brokerage licence

NCB Capital Markets (NCBCM) is aiming to secure the necessary licences before the end of its 2021 financial year to begin its brokerage operations in Trinidad and Tobago.

This was confirmed by NCBCM CEO Steven Gooden at its quarterly investor briefing last Thursday. The NCB Financial Group (NCBFG) already has a presence in Trinidad through NCB Global Holdings Limited, which is the holding company which owns the 62 per cent stake of Guardian Holdings Limited (GHL). NCBCM currently has active operations in the Cayman Islands and Barbados with an inactive subsidiary in the Dominican Republic.

Delayed reports and court dates

DUE to the novel coronavirus pandemic, several companies have requested extensions to file their quarterly financials and annual reports.

Express Catering Limited is one such company whose third-quarter financials were delayed due to the COVID-19 situation and system upgrades. The company expects to file their financials by May 10. Jamaica Teas Limited (JAMT) and subsidiary QWI Investments Limited have both applied to the Supreme Court in order to gain permission to hold their annual general meetings (AGM) virtually. Last year, JAMT & QWI were able to hold their AGM’s in person due to the use of a hotel and following the relevant protocols. However, the recent measures announced by the prime minister have restricted in-person AGMs due to the current spread of COVID-19. The matters are scheduled to be heard on May 13 in the commercial division of the Supreme Court.

Guardian Holdings limited (GHL) posts solid performance ahead of Jamaica Stock Exchange

GHL posted a first quarter operating profit compared to the operating loss seen last year due to the pandemic.

Since GHL gained control of NCB Insurance Company’s portfolio in September, it now represents the insurance activities of NCBFG which saw operating profit for the segment rise by 133 per cent to $16.15 billion for the 6 months. This would mean GHL posted a $7.69-billion (TT $340.2 million) operating profit for the first quarter with an expected earnings per share around TT $1.12. GHL will be cross listing back to the Jamaica Stock Exchange this week. GHL currently trades on the TTSE at TT $25.56.