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The Bahamas P.O.Box CB-12407 Nassau New Providence The Bahamas The Bahamas

News & Resources

Latest News

CFAL Completes Oversubscribed $100 Million Bond Offering for Bahamas Grid Company Ltd.

Nassau, Bahamas, July 26, 2024: Colina Financial Advisors Ltd. (CFAL) successfully completed a $100 million bond offering for Bahamas Grid Company Ltd., the company formed to work alongside Bahamas Power and Light (BPL) to upgrade and maintain the transmission and distribution system on New Providence (the T&D System). The offering was open to the public from July 15 - 26, 2024. However, because of strong demand from the investment community the offering was oversubscribed. Angelo Butler, Manager, Corporate Advisory Services, stated, “The bond offering was extremely successful. Due to strong response, we reduced allocations for some institutional investors to ensure all retail investors were accommodated. We extend our gratitude to investors for their continued confidence in CFAL.” Bahamas Grid Company is embarking on upgrades to the T&D System in the amount of $130 million, $30 million of which was already raised by CFAL in the second quarter of 2024. When the foundational upgrades are complete, the company will continue to repair and maintain poles, wires, and substations on New Providence, partnering with BPL to enhance the reliability, resiliency, affordability, and sustainability of power for all residents and businesses on New Providence. Progress of these grid activities will be shared by the company on its soon-to-be launched website. The Senior Unsecured Bonds will pay a semi-annual interest rate of eight percent and will mature on July 31, 2044.

CFAL Launches $100 Million Bahamas Grid Company Bond Offering

Nassau, Bahamas, July 15, 2024: Colina Financial Advisors Ltd. (CFAL) is pleased to announce it is facilitating a bond offering for Bahamas Grid Company Ltd., the company formed to work alongside Bahamas Power and Light (BPL) to upgrade and maintain the transmission and distribution system on New Providence (the T&D System). The offering commenced Monday July 15, 2024, and will remain open until July 26, 2024, with a settlement date set for July 31, 2024. These Senior Unsecured Bonds will pay a semi-annual interest rate of 8 percent, with the first interest payment scheduled for January 31, 2026, and they will reach final maturity on July 31, 2044. Bahamas Grid Company seeks to carry out initial fundamental improvements to the T&D System in the amount of $130 million, of which B$30 million was already raised during the second quarter of 2024. The company intends to partner with BPL to fix and manage poles, wires, and substations on New Providence to improve the reliability, resiliency, affordability, and sustainability of power to all Bahamian consumers. Investors interested in in subscribing should visit www.cfal.com/offerings to view the offering memorandum, term sheet, application instructions and forms.  

Insights

22 July, 2024

CFAL Global and Local Economic Review Q2 2024

Preliminary data for the nine months of FY2023/24 (July – March) indicates that the overall deficit declined by $35.5M (14.2%) to $214.2M compared to the same period of FY2022/23. Over the period, total revenues increased by $112.4M or 5.4% to $2.19B...
26 April, 2024

CFAL Local Economic Review Q1 2024

Preliminary data for the first half of FY2023/24 (July – December) indicates that the overall deficit declined by $19.2M (6.9%) to $258.8M compared to the same period of FY2022/23. Advanced estimates for 2023 released by The Bahamas National Statisti...
26 April, 2024

CFAL Global Economic & Market Review Q1 2024

For the most part, economic output amongst the world’s developed economies remained stable in the first quarter, but concerns regarding a slowdown continue to persist. The International Monetary Fund updated its global growth forecast for 2024 from 3...

About CFAL

CFAL is a leading provider of pension administration, retirement planning, corporate advisory, investment management, saving, and wealth management solutions. Since 1997, we have helped corporations, governments, institutions, and individuals worldwide to secure their financial futures through innovation, expertise, and integrity. Learn more about our client-centric approach at www.cfal.com.

For media inquiries, contact us at info@cfal.com.