Feb 2025 Financial News

Massy Holdings Ltd. - Notice of Intention to Access Long Term Financing from the Inter-American Investment Corporation (IDB Inve

Feb 11, 2025

MASSY HOLDINGS LTD.

INTENTION TO ACCESS LONG-TERM FINANCING FROM THE INTER-AMERICAN INVESTMENT CORPORATION IN THE SUM OF UP TO ONE HUNDRED AND FIFTY MILLION UNITED STATES DOLLARS (US$150,000,000.00}
 

Massy Holdings Ltd. ("the Company") wishes to advise that its Board of Directors has approved a long-term financing package amongst the Company, its wholly owned subsidiary, Massy Integrated Retail Ltd. and the Inter-American Investment Corporation ("IDB Invest").

The financing package with IDB Invest secures up to US$150 Million in long-term, unsecured funding, structured as drawdown-based facilities and includes:

• US$90 Million in term financing with a 10-year tenor, a 36-month grace period, and interest at SOFR plus 165bps or an equivalent fixed rate at the time of disbursement.
• US$60 Million in revolving supply chain financing, with an initial 5-year availability at interest of SOFR plus 110 bps, structured in two tranches:
  • US$35 Million committed import finance loan; and
  • US$25 Million uncommitted facility for import finance and accounts payable.

This financing enhances balance sheet flexibility and is accretive to shareholder value and shifts a large portion of the Group's USO borrowings from secured to unsecured, unencumbering approximately US$50 Million in assets. It also provides long-term capital to support infrastructure and capital investments in line with the Group's strategic growth plans.

The financing package will be finalised on February 7, 2025, with disbursement targeted for February 2025, subject to drawdown.

Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday 11th February 2025