JTC has supported CEIBA Investments Limited (“CEIBA”), a long-standing JTC client, on their successful completion of a €25 million, 10%, senior unsecured convertible Bond Issue due for repayment on 31 March 2026.
Its principle investments are in the Miramar Trade Centre; Havana’s principle business centre; the hotel Meliá Habana hotel (in Havana); the Meliá Las Amèricas, Meliá Varadero and Sol Palmeras hotels (in Varadero); the Meliá Trinidad Península hotel (in Trinidad) and an industrial logistics complex development in the Special Development Zone of Mariel.
John Herring, Chairman of the Board of Directors of CEIBA, said:
“We are really encouraged to have received this support from both our existing shareholder base and new investors and thank Carey Olsen and JTC for the excellent legal and administrative support that we received in Guernsey to close this transaction and list the Bonds on The International Stock Exchange (TISE).”
Sebastiaan A.C. Berger, Fund Manager of Aberdeen Standard Investments and Chief Executive Officer of CEIBA, said:
“During the present year, CEIBA will celebrate the 25th anniversary of its Cuban investments and operations. In 2018, the Company was the first Cuba dedicated investment trust to be listed on the Specialist Fund Segment of the London Stock Exchange. With the dedicated assistance and support from JTC we are now also the first in issuing a Convertible Bond to be listed on TISE.”
“During the entire period of 25 years (executive) staff members of JTC have assisted the Company on its adventurous and successful journey and we thank JTC for the excellent work and assistance that we have received to date.”
James Tracey, Managing Director – Guernsey, JTC, said:
“CEIBA are a valued client and we are delighted to be able to showcase our ability to support this bond issuance. We have worked with the CEIBA team for many years and look forward to continuing our relationship with them.”