By Reshmi Basu
New York, March 17 - National Commercial Bank of Jamaica (NCB) sold $100 million series 2006-I amortizing floating-rate notes due 2013 (Baa3//BBB-) at par to yield 180 basis points more than Libor, according to a market source.
The average life is 4.625 years. The issue carries a make-whole option at Libor plus 40 basis points.
Additionally, the coupon steps up 50 basis points if either credit rating drops below investment grade.
Credit Suisse was the bookrunner for Rule 144A and Regulation S transaction.
The issuer is a full-service bank based in Kingston, Jamaica.
| Issuer: | National Commercial Bank of Jamaica
|
| Amount: | $100 million
|
| Issue: | Series 2006-I amortizing floating-rate notes
|
| Maturity: | March 15, 2013
|
| Average life: | 4.625 years
|
| Coupon: | Three-month Libor plus 180 basis points
|
| Issue price: | Par
|
| Discount margin: | Three-month Libor plus 180 basis points
|
| Make-whole option: | Libor plus 40 basis points
|
| Pricing date: | March 16
|
| Settlement date: | March 22
|
| Bookrunner: | Credit Suisse
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB- (Fitch)
|
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