Cable Bahamas Ltd (CBL) has announced that it has successfully raised USD114 million through the issuance of preferred shares, Bahama Islands Info writes. The total includes BSD103.5 million (USD103 million) with an annual dividend of 5.75% and USD11 million with annual dividend of 6.25%. USD60 million was used to redeem the CBL’s series 4 and series 5 preference shares, whilst the remainder will be utilised to settle short-term commitments and to help fund the company’s expansion. CBL’s president and CEO Anthony Butler commented: ‘The success of the offering, the largest private debt placement ever by a Bahamian company, sets Cable Bahamas in a strong financial position. We are looking forward to great things and we are poised to take advantage of the growth opportunities before us.’
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