Norbrook Equity Partners led by Khary Robinson quietly took in the equivalent of $677.25 million of financing through private placements in the Jamaican market last week, supported entirely by institutional investors.
Robinson said he went hunting for capital to push through with new acquisitions, even though he declined to name the targets.
In a deal structured by NCB Capital Markets Limited, Norbrook borrowed US$5.25 million from private investors and issued them with USD-indexed redeemable preference shares in exchange for the capital. The prefs carry no voting rights and are non-convertible to common shares. They will be redeemed in five years.
Robinson said the take-up of the offer is an endorsement of his nine-year-old company by the right people.
“It is sophisticated investors who’ve seen a lot of deals and understand the market. It is they who have given us the vote of confidence,” he told Gleaner Business in an interview on Monday.
Norbrook is an investment holding company registered offshore in St Lucia but which has operations in Jamaica, other parts of the Caribbean, and the United States.
Published in the Jamaica Gleaner
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