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Nassau, Bahamas, July 26, 2024: Colina Financial Advisors Ltd. (CFAL) successfully completed a $100 million bond offering for Bahamas Grid Company Ltd., the company formed to work alongside Bahamas Power and Light (BPL) to upgrade and maintain the transmission and distribution system on New Providence (the T&D System). The offering was open to the public from July 15 - 26, 2024. However, because of strong demand from the investment community the offering was oversubscribed.
Angelo Butler, Manager, Corporate Advisory Services, stated, “The bond offering was extremely successful. Due to strong response, we reduced allocations for some institutional investors to ensure all retail investors were accommodated. We extend our gratitude to investors for their continued confidence in CFAL.”
Bahamas Grid Company is embarking on upgrades to the T&D System in the amount of $130 million, $30 million of which was already raised by CFAL in the second quarter of 2024. When the foundational upgrades are complete, the company will continue to repair and maintain poles, wires, and substations on New Providence, partnering with BPL to enhance the reliability, resiliency, affordability, and sustainability of power for all residents and businesses on New Providence. Progress of these grid activities will be shared by the company on its soon-to-be launched website.
The Senior Unsecured Bonds will pay a semi-annual interest rate of eight percent and will mature on July 31, 2044.