Jamaica has increased its Montego Bay Airport bond issue from US$385mn to US$400mn in response to robust investor demand. Issued by the Cayman-based MOAIR SPV, the 10-year senior secured bond carries a 6.60% coupon, priced at US$99.829 per US$100 face, and will mature on 15 June 2035. Fitch rated it BB+ (stable) and Moody’s Ba3 (positive).
Proceeds will finance water infrastructure projects, bolster general government funding, and fund a six-month debt service reserve, accrual and revenue accounts. Citigroup is sole bookrunner, and settlement was expected on 22 July.
Source: Caribbean Insight