Latest Breaking News On - ஜமைக்கா மைய பத்திரங்கள் வைப்புத்தொகை - Page 1 : comparemela.com

Portland Barbados Limited, part of billionaire Michael Lee-Chin’s Portland group of companies, is seeking to raise up to US$4 million, or nearly J$600 million, in a bond offer. Some shares in NCB Financial Group Limited, NCBFG, and the Lee-Chi- owned swanky Trident Castle villas in the parish of Portland in Jamaica – the parish of Lee-Chin’s birth – are being put up as security for the bond. The amount of NCBFG shares being used as collateral is equivalent to 60 per cent the value of the bond debt being sought, but with a 40 per cent margin. The prospectus for the bond offer notes that AIC Barbados, the gurantor of the senior secured notes placement, will secure the offer with the first mortgage over Trident Castle, as well as “execution of Jamaica Central Securities Depository pledge form by the guarantor in relation to NCBFG ordinary shares with market value equivalent to 0.6 (times) the principal amount; subject to a maintenance margin of 0.4 (times)”.

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