Payment of $ 112.2 million for NIF bondholders | Local company

The National Investment Fund Holding Company (NIF) Ltd paid its sixth coupon of $ 112.2 million to bondholders on Aug. 9 on all three series of its $ 4 billion bonds, the company said.

This brought the total interest distributions to $ 673.2 million.

The seventh coupon payment is scheduled for February 9, 2022, the NIF said in a statement.

Director Jennifer Lutchman said: “Our companies in which we invest have continued to successfully meet the challenges posed by the Covid-19 pandemic.

“Recently, two of our companies in which we invest have recorded a significant improvement in their profits:

I) Angostura Holdings Ltd $ 73.9 million in pre-tax profit for the six-month period ended June 30, 2021, an increase of 20.2%; and

II) Republic Financial Holdings Ltd pre-tax earnings of $ 1.515 billion for the nine months ended June 30, 2021, an increase of 26.3%.

Lutchman said: “Our investment portfolio currently stands at $ 9.99 billion, reflecting an increase of $ 2 billion or 25% since inception in mid-2018.”

NIF was created by its sole shareholder, the government, to hold five assets.

These assets were received by the government as proceeds of the participation of certain assets of CLICO (under the supervision of the Central Bank) and of CLICO Investment Bank, as well as an appropriate participation of Trinidad Generation Unlimited owned by the government.

Since 2009, the government has sought to recover the funds owed to it resulting from the bailout of CLICO and CIB, which led CLICO and CIB to transfer certain assets they held to the government, some of which, in addition to the stake from TGU, have been transferred to NIF, the company says on its website.

These five assets are stocks of: Republic Financial Holdings Ltd, One Caribbean Media Ltd, West Indian Tobacco Company Ltd, Angostura Holdings Ltd and Trinidad Generation Unlimited.

The company was incorporated on May 29, 2018 by Corporation Sole for the purpose of holding and monetizing the assets transferred by the government in repayment of the debt owed to it by CLICO and CIB.

A decision was then made to issue the bond from July 12 to August 9, 2018 with the aim of raising $ 4 billion.

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Elaine R. Knight