ISP Financial Services seeking to raise $570 million Loop Jamaica
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Micro-finance company ISP Finance Services Limited (ISP) is seeking to raise $570 million by issuing a fixed and variable rate senior secured investment bond to investors. The move is to strengthen the company’s ability to “make a move on a few initiatives that will help with growth over the next 18 months,” CFO and company secretary Diyal Fernando said. “Coming out of COVID-19, though it didn’t really hold us back, it was a period where we had to more consolidate than plan for growth. But now [with] the situation as it is in the economy, we see significant opportunities to again resume our growth paths,” Fernando said. The move is also to provide capital to refinance debt and to expand its loan book, the company said in a press release on Tuesday. The offer, which began on September 28, will be distributed to accredited and minimum purchase investors as an exempt distribution in accordance with the Financial Services Commission’s (FSC) rules. The interest rate is fixed at 11.50 per cent per annum for the first year with a variable rate of six months weighted average treasury bill plus a spread of 3.50 per cent. There is also an interest rate floor of 11 per cent throughout the life of the bond. The lead broker and arranger, Sterling Asset Management, defines the minimum investment as $10 million according to the indicative term sheet. ISP was listed on the Junior Market of the Jamaica Stock Exchange in March 2016 and now has authorized shares of 105,000,000. As of June 30, 2022, the company’s net loan portfolio stood at J$681,296,099 in value. The short-term lending firm provides loans for education, home improvements, debt consolidation, payday advances, auto insurance or repairs as well as to small businesses. Managing Director and CEO Dennis Smith said ISP’s goal is to “become a major player in the microfinance sector, serving the needs of small business enterprises while being the market leader for unsecured loans to public and private sector employees.” The company is a member of the Jamaica Association of Micro Financing (JAMFIN).
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