Billionaire Michael Lee-Chin’s firm to issue $300 million international bond

Michael Lee-Chin at Risk of Losing Control of NCB Financial Group Amid Bond Troubles

Kingston, Jamaica – Jamaican-born billionaire and philanthropist Michael Lee-Chin may be on the verge of losing control of NCB Financial Group (NCBFG), the largest financial institution in the northern Caribbean. The revelation follows disclosures in a new preliminary offering memorandum released as the company prepares to raise US$300 million on the international capital markets this week. Lee-Chin, who acquired a majority stake in NCBFG in 200…

Billionaire Michael Lee-Chin’s firm to issue $300 million international bond

Key PointsNCB Financial Group plans to raise $300 million via bond issuance to repay debt and support corporate needs, led by billionaire Michael Lee-Chin.Fitch rates the bond B+, S&P assigns B-, reflecting cautious optimism amid refinancing and $69.4 million in cost-cutting efforts.NCBFG boosted customer deposits from $2.83 billion to $4.94 billion and streamlined assets for sustainable growth and stability.NCB Financial Group (NCBFG), Jamaica’…