Apr 2025 Financial News

Massy Holdings Ltd. - Notice of Intent to Issue Fixed Rate Bond and Access Medium Term Loan

Apr 22, 2025

Notice of Intent by Massy Holdings Ltd ("Massy" or "the Company"), through First Citizens Bank Limited (FCBL), to 

1. Issue a Fixed Rate Bond in Trinidad & Tobago not exceeding the total aggregate amount of Three Hundred Million Trinidad & Tobago Dollars(TT$300,000,000) (the "Bond") and 
2. Access a Medium-Term Loan not exceeding the total aggregate amount of Three Hundred Million Trinidad & Tobago Dollars(TT$300,000,000) (the "Loan").

The Company and FCBL mutually agreed to the commercial terms for the issue of the Bond and the Loan. Pursuant to binding terms approved by the Parties, FCBL, as the Sole Lead Arranger, agreed to arrange the Bond offering on a private placement basis, to potential investors in Trinidad and Tobago for the principal amount. 

All of the proceeds of the Bond and the Loan are intended to be utilised by the Company to refinance existing long-term debt which matured in 2024 and was refinanced using short-term bridge financing. The above transactions will not result in any new borrowings for the Company. 

The Bond will be issued in one series and will carry a tenor of 15 years. Interest on the Bond will be fixed and paid on a semi-annual basis in arrears commencing six (6) months after issuance. The principal due on the Bond will be repaid via equal semi-annual payments following a five (5) year moratorium. The Loan will carry a tenor of 8 years. Interest on the Loan will be annually reset and paid on a quarterly basis commencing three (3) months after closing. 

FCBL will provide potential investors with such information relating both to the Company and the Bond Offering as may be required for them to make an informed decision on whether or not to participate in the Bond Offering. It is proposed that the closing date for the Bond Offering will be in April 2025 having received all regulatory approvals. 

Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday 22nd April 2025