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Government of Bermuda choose Ocorian as listing sponsor for US$1.35 billion BSX debt listing

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Government of Bermuda choose Ocorian as listing sponsor for US$1.35 billion BSX debt listing

We were recently chosen to advise and act as listing sponsor for the Government of Bermuda (the "Government") as it listed US$1.35 billion of 10 and 30-year maturity senior notes on the Bermuda Stock Exchange (BSX).

The funding was raised from the capital markets at favourable rates that surpassed initial expectations and will be used to support the Government's fiscal programmes for the current and following years, including COVID-19 related government expenses. 

Some of the funds were used to repay obligations under existing credit facilities with local banks, to repurchase existing loan notes and to contribute to the Government’s Sinking Fund, a funding reserve to pay down long-term debt. 

Ocorian Securities (Bermuda) Limited was both part of the working group advising on the deal and the listing sponsor, chosen because of our proven track record and experience working with the Government on prior loan note issuances. 

Managing Director, Alison Dyer commented on Ocorian's involvement, “We were pleased to be involved in this very important transaction for the Government of Bermuda, and congratulate the BSX on attracting another significant commercial transaction. This listing is further proof of the efficacy of the BSX as a world class alternative destination for listings. We are committed to continuing and strengthening our partnership with the BSX as the exchange continues to expand its global reach”. 

Given the context of the deal taking place during the pandemic, Associate Director, Sherman Taylor added, "What was impressive was the way that the BSX and all parties involved worked together and overcame the challenges of COVID-19 to complete this complex transaction so efficiently."

A trusted sponsor

We provide highly professional sponsorship services to a wide range of issuers seeking to list their products on stock exchanges. From preparing the formal letter of application to acting as listing sponsor for debt and insurance-linked securities, we remove the administrative burden of listing on a stock exchange. 

For more information visit our listing services page or get in touch with our team via their profiles below. 

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