The University of the West Indies has launched a historic bond to refinance billions of dollars in debt as part of its efficiency thrust through its Liability Management Programme.
The three billion dollar bond was placed through the Sygnus Group, on the Jamaican capital market.
Senior Vice President and Head of Investment Banking at Sygnus, Gregory Samuels, says the it will assist not only the university but the nation as a whole.
The proceeds from this bond will be used to address outstanding arrears and provide crucial working capital support.
It will refinance forty-percent of the UWI’s $8 billion stock of debt.
It is projected to yield significant annual savings of eighty to one-hundred-million in debt service costs.
It’s expected to strengthen the University’s financial position, improving its creditworthiness, and securing more favorable terms for future borrowing.
Meanwhile, UWI Mona Principal, Densil Williams, says the bond forms part of a wider programme to ensure the sustainability and enhancement of the University.
Densil Williams, Principal of the University of the West Indies, Mona.
He was speaking at the The University of the West Indies, Mona Campus, launch of its Liability Management Programme.
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