Fontana raises J$500 million for expansion

Junior Market listed Fontana raised $500 Million of debt capital by way of a private placement of bonds to support the company’s continued growth, which includes plans to develop a warehouse and distribution centre in Kingston and a new store Portmore, the company disclosed.

Artist impression of the Portmore store.

Scotia Investments acted as Lead Arranger and Broker for the company that reported its most successful year in 2021, with revenues climbing 14.2 percent to $5.2 billion and profit of $512 million, up a robust 85 percent from $277 million in 2020. The company reported a rise of 17 percent in revenues to $1.3 billion for the September 2021 quarter over that of 2020 and profit after tax rising 35 percent to $61 million. The Portmore expansion, which was telegraphed to investors in late 2018 when it went public, is expected to add to growth in revenues and profit and provide investors with an investment vehicle that seems set to deliver good growth prospects for the future.
“The transaction was executed at a time when BOJ policy rates were increased for the first time in 13 years. The Ministry of Finance and Planning had also recently reopened Government of Jamaica long-term bonds that were taken up at yields that indicated that the long-term rates in the Jamaican Dollar debt space were increasing. Stanley Thompson, Senior Manager Capital Markets said, “In light of the changing market conditions, we pursued a fixed to variable rate bond structure. This financing strategy provided Fontana with the most competitive rate in the short term with the potential for a lower rate in the future if market rates reduce in the longer term.”
Raymond Therrien, COO at Fontana, noted that “Fontana is firmly capitalized for our expansion plans for Portmore in 2022 and continued growth in the various markets we serve across Jamaica.  We continue to explore acquisition opportunities as we grow the Fontana brand. Timing and certainty of execution were important to us. When we approved this transaction, our expectation was to have it closed before the calendar year end.”
Fontana owns and operates a chain of Pharmacies in Kingston, Montego Bay, Mandeville and Och Rios.

 

 

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