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Scotia Investments Jamaica Limited raises $250 million for CAC 2000 Limited
Nicholas Dawson,
Senior Manager of Investment Banking
Kingston, Jamaica – April 5, 2023 - Scotia Investments Jamaica Limited, as lead arranger, recently led the successful effort to raise J$250 million to refinance maturing preference shares for CAC 2000 Limited ( Ltd.)- an industry - leading energy and indoor environmental quality solutions provider which services both the commercial and residential sector.
Nicholas Dawson, Senior Manager of Investment Banking commented, “SIJL engaged with CAC 2000 ( Ltd.) to help refinance existing listed preference shares of $J200M while providing an additional $50M of working capital support for the company. Given CAC’s strong performance and investor confidence, we were able to successfully raise $250M despite challenging market conditions and we are very happy to continue support the growth and transformation of yet another strong Jamaican business.”
Commenting on the transaction completed in March , Gia Abraham CAC 2000 Ltd. CEO, said “It was an absolute pleasure to work with the team from Scotia Investments Jamaica Limited throughout the stages of the refinancing process. We were able complete the process in record time, whilst adhering to all governance and established protocols.”
Abraham further noted that a boost of J$50M in working capital included as part of the deal will facilitate the completion of ongoing projects such as the continued expansion of the business’ most recent opening of the retail outlet at Village Plaza, along with its newly appointed Crown Ltd. dealer status.
Born out of Conditioned Air and Associated Contractors Ltd., CAC2000 Ltd. has had an eight-decade history in the commercial and residential air conditioning space. Over its long history it has been distributor for such brands as Carrier, Broad, LG, Fujitsu, Carlyle, Honeywell, Sanyo, Emerson, TopTech and Fasson, offering the largest stock of technologically advanced air-conditioning and refrigeration systems in Jamaica.
A publicly-traded company listed on the Junior Stock Exchange, CAC 2000 Ltd. recently partnered with Tropical Battery to form ENRVATE Limited., a new energy solutions entity