Scotia Investments Jamaica Restricted (SIJL) just lately acted as lead arranger to efficiently elevate $950 million for Fontana Restricted.
Fontana’s newest monetary outcomes for the second quarter ending December 31, 2024, confirmed income rising throughout all seven places with the Portmore retailer bettering considerably over its prior yr.
The corporate additionally posted will increase in all key metrics – gross sales by class, scripts, common scripts and variety of transactions. With robust money flows and a wholesome stability sheet, Fontana is well-positioned for future development alternatives that may strengthen its main retailing place.
The profitable bond elevate is a testomony to the corporate’s efficiency and investor confidence in its continued development.
Fontana CEO Anne Chang
Fontana’s CEO, Anne Chang, commented, “We’ll proceed to capitalise on strategic alternatives to develop our community throughout Jamaica, develop our buyer base and enhance on operational efficiencies. This strategic debt elevate empowers Fontana to scale our retailer footprint, put money into ongoing location updates, and place ourselves for additional growth. Fontana is happy to as soon as once more companion with the SIJL crew, whose seamless execution has made this milestone doable.”
Scotia Investments is a proud monetary companion to Fontana Restricted having acted because the arranger for $500 million in notes within the non-public market in 2021 and extra just lately supported the corporate on an advisory mandate in 2024.
Sarah Cumming, Director of Company Options and Funding Banking at Scotia
Commenting on the transaction, Sarah Cumming, Director of Company Options and Funding Banking stated,“We engaged with Fontana in December to know their enterprise targets and agree on the financing method. Inside the context of their strategic plans, we had been in a position to construction a bond that met their demand for funding over the quick time period. With rates of interest coming down and market liquidity issues, we anticipated that we’d discover urge for food for each a hard and fast price and a variable price construction so as to obtain a profitable end result. From a Capital Markets perspective, we had been inspired by the extent of curiosity within the safety which was oversubscribed indicating the market’s urge for food for robust issuers with a confirmed monitor report.”
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