Apr 2013 Financial News

JMMB swaps J$58.3b GOJ bonds

Apr 02, 2013

JMMB Group and its subsidiaries exchanged a total of J$58.3 billion of bonds under the National Debt Exchange (NDX).

In a market filing list week, the money-market company said the debt swap will impact its finances, but said other undisclosed events and "prior actions" have mitigated the expected effects of the NDX.

"As a result, the net effect on JMMB Group's capital is not significant," the company said.

JMMB has a capital base of J$14 billion, according to its December quarter earnings report, boosted by its acquisition of the Capital and Credit Financial Group in the summer.

The company is among eight financial firms approached to participate in a second round of the NDX, referred to as the Private Exchange Offer, to raise another J$25 billion.


Source:
business@gleanerjm.com
Jamaica Gleaner
Sunday March 31, 2013

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