Business
Ryan Hamilton-Davis
GUARDIAN Holdings has announced the execution of a loan agreement for a maximum amount of $450 million.
A note published pursuant to Section 64(1)(b) of the Securities Act, on the TT Stock Exchange’s website said the proceeds from the facility will be allocated for what was described as “general corporate purposes.”
Guardian Holdings said the loan amount will be disbursed in two tranches. The first tranche was already disbursed, last Friday, to the tune of $382 million at an interest rate of 5.35 per cent per annum. The second tranche of $68 million or the equivalent denominated in any other currency, will be disbursed at a later date at a rate of 5.2 per cent per annum.
Both tranches A and B, will mature on June 21, 2029.
Last year AM Best, the globally recognised credit rating agency, reaffirmed the strength rating of Guardian Life of the Caribbean and Guardian General Insurance Ltd, two of the major companies under Guardian Holdings. The ratings agency gave them high marks in several key metrics, giving the companies a financial strength rating of A- (excellent) and a long-term issue credit rating of A- (excellent) for the group.
Earlier this year, Guardian Holdings reported a 54 per cent increase in profits for the year ending December 31, 2023, over the same period the year before.
The group reported an unaudited profit attributable to equity shareholders of $713 million, a $249 million increase over the same period for 2022.
