“A genuine teacher” and “a champion of the students” were two of many ways Chaguanas North Secondary principal Premlal Seecharan was described by students, administrators and family, following his
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Columbus closes US$1.25b bond offering
Bridgetown—Columbus International Inc has closed the issuance of a US$1,250,000,000 offering of senior unsecured notes. The notes were issued with a 7.375 per cent coupon, priced at par and will mature in 2021. The transaction was led by Citigroup, JP Morgan and RBC Capital Markets, acting as joint lead managers and joint bookrunners. The bonds were sold following a road show conducted by management from March 17 to 23.
A portion of the proceeds of the offering was used to retire US$640,000,000 senior secured 11.5 per cent notes Columbus issued in 2009 as well as its US$212,000,000 senior unsecured 9.5 per cent notes, and to fund make-whole fees on these two series of notes. The balance of the net proceeds may be applied to pay up to $100 million in dividends and for general corporate purposes, including the funding of an acquisition previously announced. Commenting on the transaction, Columbus founder and chief executive officer, Brendan Paddick said: “The successful closing of this significant financing is a true milestone in Columbus’ history. The markets have spoken and have validated both Columbus’ vision and its business plan.
“The six times oversubscribed deal built an order book of close to US$8 billion, with demand from more than 300 investors around the world. Columbus has attracted a stable of world-class financial sponsors as we continue to aggressively expand and invest in the Caribbean and Latin American marketplace. Columbus is truly poised for future growth and continued network investment, now with a proven track record of repeated efficient access to the capital markets.”