NIF redeems $1.2b Series A Bond

The National Investment Fund Holding Co Ltd (NIF) redeemed its principal of $1.2 billion on its Series A bond on Wednesday.

Since it was established in 2018, NIF has made total interest distributions of $1.122 billion to over 7,500 bond-holders.

In a release, NIF said it also marked its tenth distribution of interest payment of $112.2 million to bond-holders on the three series of its $4 billion bond.

“This consistent distribution has been due to NIF’s well-structured and diversified portfolio,” the release said.

In February 2024, the next semi-annual coupon payment to bond-holders of Series B and C will be made.

“During the first half of the financial year, January-June, the resilience of our investee companies amid persistent global challenges has been commendable and NIF continues to be optimistic about the outlook for 2023 and beyond,” the release said.

NIF is a company created by its sole shareholder – the government of TT – to hold five assets.

The assets were received by the government as proceeds from the shareholding of certain assets of Clico (under the supervision of the Central Bank) and Clico Investment Bank (CIB), as well as an appropriate shareholding of Trinidad Generation Unlimited, owned by the government.

The five assets are: Republic Financial Holdings Ltd (RFHL), One Caribbean Media Ltd (OCM), West Indian Tobacco Company Ltd (Witco), Angostura Holdings Ltd (AHL), and Trinidad Generation Unlimited (TGU).

By weightings, the NIF comprises shares in RFHL (54.7 per cent), TGU (25.7 per cent), AHL (12.3 per cent), Witco (5.1 per cent) and OCM (2.2 per cent).

The percentage ownership of each company held by the NIF is: RFHL (26.1 per cent), TGU (100 per cent), AHL (29.9 per cent), Witco (5.4 per cent) and OCM (23 per cent).