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CEIBA Investments Limited has become the first Cuban focused investment trust to list convertible bonds on The International Stock Exchange.
CEIBA is a Guernsey registered closed ended investment scheme with a primary focus on Cuban real estate assets. The company has issued €25 million 10% senior unsecured convertible bonds due 2026 which have been listed on TISE.
The proceeds of the issue will finance the completion of further tourism-related and commercial property projects in Cuba.
John Herring, Chairman of the Board of Directors of CEIBA, said: “We are delighted to have closed this transaction and listed the convertible bonds on TISE. TISE is well known as a recognised stock exchange which offers a proven, efficient route to market for convertible bonds and we were very pleased with the service from our administrator, JTC, our legal adviser and listing sponsor, Carey Olsen, and the team at TISE in relation to this listing.”
Anthony Byrne, Head of Bond Markets at The International Stock Exchange Group, said: “We are delighted to welcome CEIBA’s convertible bond issuance to TISE. CEIBA joins many other notable companies who have availed of our cost-effective and responsive service to list convertible bonds on TISE. We are delighted to play our part in their ongoing story of investing into the Cuban economy.”
Carey Olsen acted as Guernsey legal adviser and TISE listing sponsor for the issue.
Ben Morgan, Partner and Head of Carey Olsen’s Corporate and Finance Practice in Guernsey, said: “Carey Olsen is pleased to have supported CEIBA on the completion of this successful bond issue and its listing on TISE. It represents strong support for the company’s investment focus in Cuba and its growing economy.”
The bonds admitted to TISE’s Official List are convertible into the ordinary shares of CEIBA, which are listed on the Specialist Fund Segment (SFS) of the London Stock Exchange.
Pictured top: Anthony Byrne, Head of Bond Markets at The International Stock Exchange Group.
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