NCB Reloads NY Follow-on

Jamaica’s National Commercial Bank (NCB) has launched an equity follow-on representing the debut of its ADRs, it says, targeting more than $200m. The lender is reviving a process it initiated in May of last year, and has started marketing ahead of a February 6 pricing. On offer are 16m ADRs, representing 804m common shares, at $13.00-$15.00 each, indicating a $224m transaction if done at the midpoint. The bank’s common shares, listed in Jamaica and Trinidad & Tobago, closed at JAD21.00 ($0.23) Thursday. Of the total, 3.6m ADRs are secondary shares sold by Chairman Michael Lee-Chin, who should see his stake in the bank go from 64.0% to 43.6%. NCB is raising funds for general corporate purposes, including organic growth and possible acquisitions. JPMorgan and Macquarie are managing the sale.