RF closes largest multi-million dollar share offering

(L-R): Michael Anderson – RF Group President, Franklyn Butler – Cable Bahamas President & Group CEO, Victor Marcial – Cable Bahamas Group CFO, Jim Wilson – RF VP Investment Banking, David Slatter – RF VP Investment Management, Nevin Knowles – RF Financial Analyst

(NASSAU, BAHAMAS): RF Bank & Trust (RF) announced the successful completion of a Bahamian Dollar $219M private placement, the largest in the Bahamas to date. The offering, which closed on June 28, 2022, was fully underwritten by RF. The investment bank acted as the Financial Advisor, Placement and Escrow Agent in the refinancing of Series 6 and 9 Preference shares of Cable Bahamas Ltd.(CBL), a Bahamian telecommunications company.

The private offering included the redemption of Series 6 preference shares and investment of the proceeds into Series 15 Preference Shares and the redemption of Series 9 Preference Shares and investment of the proceeds into Series 16 Preference Shares. Of the total amount of $169 million previously invested in Series 6 and 9 Preference Shares, only $7.3 million was not reinvested into Series 15 and 16 Preference Shares.

As a further indication of the Bahamian investor confidence in CBL, in addition to the reinvestment of $169m in redemption proceeds, investors invested a further $50M in the Preference Shares, bringing the total investment in Preference Shares to $219M.

“This is the largest private offering the country has seen to date and RF was proud to have successfully completed the transaction,” noted Jim Wilson, RF Vice President of Investment Banking. “RF was extremely pleased with the high level of support the offering received from investors, particularly coming on the heels of the pandemic and a stagnant investment market.”

“This refinancing will allow CBL to invest in strategic plans including the rollout of our FTTH Network,” commented Victor Marcial, Cable Bahamas Group CFO. “RF’s guidance and expertise was pivotal in timing the market and helping us achieve the tremendous success of this offering. Now the reduction in debt costs and removal of refinancing risk in the near term will also allow the Board to better consider the resumption of ordinary dividends which we know shareholders are looking forward to.”


About RF
Since its inception in 1997, RF has been committed to helping our clients create and manage wealth. We are your regional private bank connecting clients in The Bahamas, Barbados and the Cayman Islands with the best in local and international investments. Collectively, we have helped clients raise in excess of USD $2.2 Billion in capital and we have $2 Billion+ assets under administration. Offering a wide range of investment products and services, our financial solutions are designed to help individuals and corporate clients meet and achieve their investment goals.

These include Mutual Funds, Investment Management. Investment Banking, Group & Personal Pension Plans, Personal Retirement Accounts, Stock Brokerage, Trust & Estate Planning, Educational Investment Accounts.

For more information, please visit http://www.rfgroup.com and follow us on Facebook

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