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Nassau, Bahamas, July 15, 2024: Colina Financial Advisors Ltd. (CFAL) is pleased to announce it is facilitating a 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 commenced Monday July 15, 2024, and will remain open until July 26, 2024, with a settlement date set for July 31, 2024.
These Senior Unsecured Bonds will pay a semi-annual interest rate of 8 percent, with the first interest payment scheduled for January 31, 2026, and they will reach final maturity on July 31, 2044.
Bahamas Grid Company seeks to carry out initial fundamental improvements to the T&D System in the amount of $130 million, of which B$30 million was already raised during the second quarter of 2024. The company intends to partner with BPL to fix and manage poles, wires, and substations on New Providence to improve the reliability, resiliency, affordability, and sustainability of power to all Bahamian consumers.
Investors interested in in subscribing should visit www.cfal.com/offerings to view the offering memorandum, term sheet, application instructions and forms.