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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 Company announces $80 million preferred share offering
Nassau, THE BAHAMAS - Today, Cable Bahamas Ltd announced that it will be offering a private placement preferred share offering to be opened in a few weeks. The terms and conditions are currently being finalized. The company plans to issue a total of $80 million in tranches of US$20 million and B$60 million. Proceeds from this issue will be used in part to restructure the company's existing debt, support any additional expansion opportunities and to fund capital and operating expenses both locally and internationally.
This offering again demonstrates Cable Bahamas' policy of raising money at home in order for investors to reap the benefits at home. As in the last preferred offering, the company plans to list this new issuance on the Bahamas International Securities Exchange (BISX). This will enable the shares to be traded freely and, in so doing, the company is supporting the financial markets of The Bahamas and promoting liquidity. The opening of this offering is, however, subject to customary conditions including regulatory approvals.
Senior Vice President Barry Williams, said "We've had great support in the past from the public with our preferred offerings and expect similar interest to be expressed. This support definitely shows the confidence investors have in our company in meeting our obligations. This new offering will represent our 9th and 10th series of preferred shares issued over the 20-year lifespan of the company, and we feel strongly it will garner the same support as the previous issues."
If successfully completed, this offering when added to the previous preference shares issued from inception will total over $300M in funding that the company has utilized to build and strengthen its operations to where it is today. Mr Williams also noted, "As a 100% Bahamian-owned entity with operations and assets in The Bahamas and the United States, we are extremely proud of all that we have accomplished in our short existence and we will continue to push the envelope ensuring the company's continued success."
President & CEO Anthony Butler stated: "As a company we will continue in making our employees, their families, our shareholders and all stakeholders - which is the entire Bahamas - proud!" He further explained, "Our strategic plan is to continue to grow the company and take advantage of the exciting, growth opportunities that will for years to come add value for our stakeholders. The groundbreaking offer that was successfully completed in 2014 was encouraging as we went to market for $100M but took in $114.5M, the largest offering in Bahamian capital market history. We are very confident that this offer will be just as successful and the funds will definitely assist us in achieving our overall vision."
He added, "Our unprecedented move into Florida was the first phase of our long-term plan, and today we are operating a major telecommunications network within Florida with material contract wins and a very healthy residential and commercial customer base. The second phase is yet to come, but stay tuned. Additionally, we are bidding for the country's second mobile cellular license. And, as you know, We're Ready - Turn Us On."
Michael Anderson, president of Royal Fidelity Merchant Bank and Trust Limited, who will once again be the lead underwriter of the new preference issues, added, "Royal Fidelity is once again very pleased in supporting Cable Bahamas in its finance needs. Based on our work, unofficially, the interest in the market is piqued and I'm looking forward to another successful offer in the marketplace."
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