Mayberry Seeks to Raise $2.2b Through New Equity Bond IPO

Gary Peart, CEO of Mayberry Investments Limited and Asset Manager of Mayberry Jamaican Equities (MJE) (left), along with Dan Theoc, Vice President of Investment Banking at Mayberry Investments Limited, stand side by side on the grounds of the Courtyard. (Photo contributed)

Mayberry Investments Limited, MIL, says it has launched a landmark initiative in Jamaica with the introduction of the Mayberry Jamaican Equities, MJE, Bond initial public offering, IPO.

Mayberry Investments says MJE will seek to raise capital through the issuance of secured corporate bonds across three tranches.

The company has announced an initial principal amount of $2.2 billion and the option to increase to $3.3 billion.

Chairman of the Mayberry Group, Chris Berry, says the Bond IPO as a paradigm shift in the investment landscape.

He says it offers not just bonds but a gateway to transformative investment possibilities that redefine financial prosperity.

The subscription period runs from May 3, 2024 to June 7, 2024.

With three tranches offering varying coupon rates ranging from 9.25 per cent to 10.50 per cent per annum, investors can tailor their investments to match their objectives, with tenors ranging from 13 to 36 months.

Mayberry plans to list the bonds on the JSE, enhancing liquidity and investor accessibility.

The proceeds from the IPO will refinance existing debts and fuel the expansion of MJE’s investment securities portfolio, unlocking new avenues for sustainable growth and value creation.