The Listing Committee of The BSX announced that it has approved the listing of the Bermuda Hospitals Board 8% Bermuda and United States Dollar Bonds. The first day of dealings on The BSX will be Monday 30 June 1997.
Bruce Sharpe, Senior Manager, Corporate Finance, Bank of Butterfield said, "The bond offering was undertaken to provide long term financing for a new surgical wing at the King Edward VII Memorial Hospital. The offering closed on Friday, June 6th and applications for more than $30,000,000 worth of bonds were received - more than twice as much as the $14,000,000 required. In dealing with the oversubscription, the Board endeavoured to allocate the bonds as fairly as possible, initially splitting the $14,000,000 50/50 between individual and institutional investors. The Board was interested in favouring small investors and applications from resident individuals for up to $50,000 were filled in their entirety. The first interest payment will be made on December 31, 1997."
Greg Wojciechowski, COO of The BSX said " We are delighted to welcome the Bermuda Hospitals Board Bonds to listing on The BSX and are pleased with the growing number of Bermudian entities using the Exchange's facilities in support of their capital raising needs."
Sheila Manderson, Executive Director of the Board said "We are very pleased with the result of the bond offering and the achievement of the listing of both classes of bonds on the Bermuda Stock Exchange. It was a significant event for the Bermuda Hospitals Board because it was the first time that a major project has been financed in this way. We did this because we wanted to offer the public the opportunity to become involved with our activities and their response is gratifying."
The listing of the Bermuda Hospitals Board Bonds was sponsored by Butterfield Securities (Bermuda) Ltd., and underwritten by The Bank of N.T. Butterfield & Son Ltd..
Bond information, is available on the Bloomberg system under the ticker HOS8BD
For further information on The Bermuda Hospitals Board Bonds, please contact Kendaree Burgess-Fairn at 441-236-2345.
For additional information on The BSX, please call 441-292-7212 or visit www.bsx.com.