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Trinidad: NIF pays out millions

By CMC

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PORT OF SPAIN, Trinidad, Feb 11, CMC – The National Investment Fund Holdings Company Limited (NIF) says it has made its first distribution interest payment of TT$122.2 million (One TT dollar=US$0.16 cents), representing the first semi-annual coupon payment on the three series of its four billion dollar bond.

NIF was incorporated last May as a holding company, initially with high quality equity investments from several companies including Colonial Life Company (Trinidad) Limited (CLICO), CLICO Investment Bank (CIB) which is now in liquidation as well as Angostura Holding Company Limited (AHL), Republic Finance Holdings Limited (RFHL) and One Caribbean Media limited (OCM).

In a full page newspaper advertisement, NIF said that the issue of the four billion dollar bond allowed the government to monetize the assets of the companies “in the repayment of the debt owed to the government by CLICO and CIB” arising out of the multi-billion dollar bailout of CLICO in 2009.

“The bond proceeds were utilized for the repayment of the four billion dollar loan note to Government for the financial assets transferred to NIF. The Note was fully repaid on October 5, 2018 and facilitated the non-debt financing of the 2019 national budget,” NIF added.

According to NIF, the second semi-annual coupon payment is scheduled to be made in August and that the “financial results of the year ended December 31, 2018, was consistent with the financial model outlined in the Prospectus…

“The dividend flow in the second half of 2018 more than covered the first distribution interest payment. During the period July 12 to August 9, 2018, the public of Trinidad and Tobago expressed confidence in NIF through an oversubscription of the company-issued four billion dollar coupon rate bonds in three series,” the NIF said.

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