MJE upsizes bond after hitting $1.5-b target early

MAYBERRY Jamaican Equities Limited (MJE) has moved to increase the size of its secured bond offer after investors took up the original $1.5-billion target ahead of schedule, pushing the company further into a refinancing exercise that could raise as much as $2.25 billion.

The listed investment company said its board had exercised the upsize option contained in its August prospectus following excess demand for the 36-month bond. The offer, which was originally scheduled to close on September 10, will now remain open until September 24 at 4:30 pm, although MJE retains the right to close it earlier.

MJE did not say in its latest notice how much of the additional $750 million it intends to take up, but the prospectus allows the company to increase the bond from the initial $1.5 billion to a maximum of $2.25 billion.