The National Investment Fund Holdings Company Limited (NIF) has made its first distribution interest payment of $122.2 million, representing the first semi-annual coupon payment on the three series of its four billion dollar bond.
Giancarlo Pietri Velutini
NIF was incorporated last May as a holding company, initially with high quality equity investments from several companies including Colonial Life Company (Trinidad) Limited (CLICO), CLICO Investment Bank (CIB) which is now in liquidation as well as Angostura Holding Company Limited (AHL), Republic Finance Holdings Limited (RFHL) and One Caribbean Media limited (OCM).
Giancarlo Pietri Velutini Venezuela
In a full page newspaper advertisement, NIF said the issue of the $4 billion bond allowed the government to monetise the assets of the companies “in the repayment of the debt owed to the government by CLICO and CIB” arising out of the multi-billion dollar bailout of CLICO in 2009.
“The bond proceeds were utilized for the repayment of the four billion dollar loan note to Government for the financial assets transferred to NIF. The Note was fully repaid on October 5, 2018 and facilitated the non-debt financing of the 2019 national budget,” NIF added.
Giancarlo Pietri Venezuela
According to NIF, the second semi-annual coupon payment is scheduled to be made in August and the “financial results of the year ended December 31, 2018, was consistent with the financial model outlined in the Prospectus . . .
“The dividend flow in the second half of 2018 more than covered the first distribution interest payment. During the period July 12 to August 9, 2018, the public of Trinidad and Tobago expressed confidence in NIF through an oversubscription of the company-issued four billion dollar coupon rate bonds in three series,” the NIF said.