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Air Jamaica, 8.125% 14jun2027, USD (FIGI RegS BBG0000J8Q74, WKN A0NXQ4)

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International bonds, Guaranteed, Trace-eligible, Senior Unsecured

Issue | Borrower
Borrower
  • M
    ***   | ***
    ***
  • S&P
    ***   | ***
    ***
  • F
    ***   | ***
    ***
Status
Outstanding
Amount
11,904,756.25 USD
Placement
***
Redemption (put/call option)
*** (-)
ACI
Country of risk
Jamaica
Current coupon
***%
Price
Yield / Duration
Reports of guarantors / borrowers / offerers
Guarantor Jamaica
The Air Jamaica bond is a USD-denominated Senior Unsecured debt security with a maturity date of 14/06/2027. The bond has the following coupon terms: 8.13%; with interest paid 2 times a year to holders. The bond has been rated by 2 credit rating agencies. The bond currently holds the status "outstanding" and reflects a country of risk of Jamaica. Key parameters of the issue include a minimum settlement amount of 200,000 USD, a placement amount of 125,000,000 USD and an outstanding amount of 125,000,000 USD, which together indicate how much of the debt remains in circulation. The issue contains no embedded call or put options, and its cash flows follow the original redemption terms. Detailed information about the security can also be found in the prospectus. For reference and reconciliation, the bond is identified by FIGI - BBG0000J8Q74, CFI - DBFGGR, Common Code - 030593448, Ticker - JAMAIR 8.125 06/14/27 REGS.
  • Placement amount
    125,000,000 USD
  • Outstanding amount
    125,000,000 USD
  • USD equivalent
    11,904,756.25 USD
  • Minimum Settlement Amount
    200,000 USD
  • Common Code RegS
    030593448
  • CFI RegS
    DBFGGR
  • FIGI RegS
    BBG0000J8Q74
  • SEDOL
    B1YVR15
  • Ticker
    JAMAIR 8.125 06/14/27 REGS
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Prospectus

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Issue information

Profile
The former national airline of Jamaica. Caribbean Airlines-Air Jamaica Transition Limited operating as Air Jamaica is the current national airline of Jamaica, receiving this status following its acquisition by Caribbean Airlines on 1 May 2010. The ...
The former national airline of Jamaica. Caribbean Airlines-Air Jamaica Transition Limited operating as Air Jamaica is the current national airline of Jamaica, receiving this status following its acquisition by Caribbean Airlines on 1 May 2010. The airline, headquartered in Kingston, is majority owned by the government of Trinidad and Tobago, with the government of Jamaica being the minority partner. Its main hub is at the Norman Manley International Airport in Jamaica.
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  • Borrower
    Go to the issuer page
    Air Jamaica
  • Full borrower / issuer name
    Air Jamaica
  • Sector
    Corporate
  • Industry
    Air Transportation
Volume
  • Placement amount
    125,000,000 USD
  • Outstanding amount
    125,000,000 USD
  • Outstanding face value amount
    11,904,756 USD
Face value
  • Minimum Settlement Amount
    200,000 USD
  • Outstanding face value
    *** USD
  • Increment
    *** USD
  • Face value
    1,000 USD
Listing
  • Listing

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Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count convention
    ***
  • Business Day Convention
    Following Business Day
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Maturity date
    ***

Cash flow

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Early redemption terms

***

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Placement

  • Placement method
    Open subscription
  • Placement
    ***
  • Initial issue price (yield)
    (***%)
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • Use of proceeds
    Refinance
  • Use of proceeds description
    We estimate that the net proceeds from the sale of the Notes will be approximately U.S.$123.0 million after deducting the Managers commission and estimated offering expenses. The company intends to use U.S.$35.0 million from the net proceeds to repay advances made to us by the Government from the PetroCaribe Fund, U.S.$30.0 million to repay the principal amount outstanding under our short-term loan with First Global and U.S.$8.0 million to repay the principal amount outstanding under our short-term loan with National Commercial Bank. The two short-term debt obligations being repaid have interest rates varying from 6.0% to 9.75%. The company intends to use the remaining proceeds U.S.$50.0 million in net proceeds to repay U.S.$38.0 million of our trade liabilities and for capital expenditures of U.S.$12.0 million associated with our refleeting.
Participants
  • Paying agent
    ***

Conversion and exchange

  • Conversion terms
    ***

Covenants

  • Change of Control

    ***

  • Collective Action Clause

    ***

  • Covenant Suspension/Fall-Away

    ***

  • Cross Default

    ***

  • Designation of Restricted and Unrestricted Subsidiaries

    ***

  • Events of Default

    ***

  • Financial Covenants

    ***

  • Limitation on Business Activities

    ***

  • Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

    ***

  • Limitation on Indebtedness

    ***

  • Limitation on Investments

    ***

  • Limitation on Liens

    ***

  • Limitation on Restricted Payments

    ***

  • Limitation on Sale of Assets

    ***

  • Limitation on Sale/Leaseback

    ***

  • Limitation on Subsidiary Debt

    ***

  • Limitation on layering (anti-layering)

    ***

  • Limitations on transactions with affiliates

    ***

  • Merger Restrictions

    ***

  • Others

    ***

  • Rating Trigger

    ***

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Identifiers

  • ISIN RegS
    ***
  • Cbonds ID
    14315
  • ISIN 144A
    ***
  • CUSIP RegS
    ***
  • CUSIP 144A
    ***
  • Common Code RegS
    030593448
  • CFI RegS
    DBFGGR
  • CFI 144A
    DBFGFR
  • FIGI RegS
    BBG0000J8Q74
  • FIGI 144A
    BBG0000J8Q01
  • WKN RegS
    A0NXQ4
  • SEDOL
    B1YVR15
  • Ticker
    JAMAIR 8.125 06/14/27 REGS
  • Type of security by CBR
    ***
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Ratings

Bond classification

  • Senior Unsecured
  • Registered
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