Sygnus Credit Investments Limited (SCI) is moving to raise US$25 million ($3.90 billion), through a preference share issue as it seeks additional capital for its growing deal pipeline.

The planned raise was disclosed in the latest report from Caribbean Information and Credit Rating Services Limited (CariCRIS), which reaffirmed SCI’s CariBBB- and jmBBB+ credit ratings.

The private credit firm has been actively pursuing additional sources of capital to fund demand from its client pool of medium sized companies.

“To support its FY2027 pipeline, SCI is negotiating new revolving credit facilities of approximately US$50 million with international financing partners, alongside an additional US$25 million preference share issuance targeted for completion in Q1 FY2027,” CariCRIS stated.

SCI provides private credit to medium sized companies through instruments such as short- to medium-term debt, receivables refinancing, and commodity or sales repurchase agreements. Its earnings depend partly on how quickly it can raise capital and redeploy that capital into higher-yielding investments.

SCI raised US$32.97 million in December 2024 via two classes of perpetual preference shares and a net amount of US$48.99 million in December 2023 via three classes of redeemable preference shares. Both of those issuances were done via public offerings. The company extended the class C and D preference shares in December 2025 by three years and reduced its annual financing costs by at least US$148,398. SCI’s class E preference share (8.50 per cent US$) is set to mature in December 2026 at US$10 per share with a face value of US$23.22 million.

SCI is currently expected to tap a US$10 million credit facility from World Business Capital in the July to September quarter. This facility was delayed after the change in the US administrative leadership in January 2025. This is on top of the company seeking to engage other international financing partners for up to US$100 million in revolving credit lines.

“We are working on another term sheet and advancing that with another international financing partner. So, we are basically having a very diversified financing plan where we are tapping multiple sources all at the same time,” said Sygnus Capital co-founder Jason Morris at SCI’s May 19 earnings call.

SCI’s ability to access capital and ability to deploy it quickly enough impacts its overall earnings profile. Morris noted that SCI had received US$20 million in repayments during the company’s nine-month earnings period, but that the deployment of those funds was slower than expected. The slower reinvestment of SCI’s capital and a US$1.24 million one-time adjustment were responsible for an eight per cent dip in interest income to US$13.90 million for the nine-month period ending March 31.

“This delay was largely attributable to the adverse impact of Hurricane Melissa in October 2025, which disrupted communications and third-party legal and professional services required to close transactions. As a result, cash increased significantly, and management noted that the funds were subsequently redeployed during Q3 FY2026,” CariCRIS explained in its recent report.

With SCI’s growth profile falling below CariCRIS’ target, the regional ratings agency changed SCI’s outlook from positive to stable. The change to a stable outlook does not signal an expected deterioration in SCI’s performance. Rather, it indicates that growth is now expected to be slower than CariCRIS had previously anticipated.

Despite the reduced earnings profile in SCI’s most recent financial report, Morris is confident of the opportunities ahead for SCI in Jamaica where the company is seeing most of the demand from its US$30 million in approved deals. SCI noted that US$20.23 million of its Jamaican investments were affected by Hurricane Melissa, but this represented 11.1 per cent of the Jamaican portfolio and just 6.8 per cent of the combined SCI portfolio.

“I think for the next two to three years there will just be a lot of Jamaican opportunities ranging from companies who are taking advantage of new emerging opportunities that would have arisen based on just the state and nature of what would have come out of Hurricane Melissa,” Morris noted.

CariCRIS even pointed out that the recent rate cut by the Bank of Jamaica should benefit SCI’s fixed-income asset repricing and overall spread. It stated, “In CariCRIS’ view, the anticipated improvement in economic conditions in Jamaica, alongside the lower policy rate, should support SCI’s performance through stronger outcomes among its portfolio companies and a lower cost of funding.”

SCI’s net profit for the nine-month period was down 30 per cent from US$6.97 million to US$4.85 million due to increased loss provisions from companies affected by Hurricane Melissa, lower interest income and fair value gains from its Puerto Rican investment. SCI received US$1.83 million in dividends from its investment Sygnus Credit Investments Puerto Rico Fund LLC.

SCI’s total assets were up 10 per cent to US$242.83 million with US$226.69 million in investments and US$2.02 million in cash. Total liabilities and equity were US$166.81 million and US$76.02 million, respectively.

SCI’s Jamaican dollar shares closed Thursday at $9.92 which leaves it down 16 per cent year-to-date (YTD). The United States dollar shares are down nine per cent YTD at US$0.0598.

The company’s US$9-million share buyback programme ended in June 2026 after SCI repurchased US$829,726 in shares over the period. Morris indicated that the programme is likely to be renewed, but said the company will continue to weigh buybacks against other uses of capital.

“Obviously, we have not done any buyback so far, but the buyback programme still remains intact. The programme is not going anywhere. It’s just a matter of what’s the best use of the capital,” Morris said.