In a landmark financial intervention, NCB Financial Group has orchestrated a comprehensive $15.1-billion (JMD) stabilization package for the Jamaica Broilers Group (JBG), pulling the iconic agribusiness from the verge of collapse following devastating losses in its American division. The rescue financing, formally announced on Wednesday, combines substantial new credit facilities with a sophisticated multi-tranche bond restructuring designed to grant JBG the necessary liquidity and strategic time to implement a rigorous corporate turnaround.
The financial architecture of the deal involves two primary components. National Commercial Bank Jamaica Limited (NCBJ) is providing $6.4 billion in direct loans. Concurrently, NCB Capital Markets (NCBCM) has arranged a complex $8.7 billion bond issuance, with tranches extending maturities up to 14 years. Beyond capital injection, the NCB team spearheaded critical negotiations with JBG’s domestic creditors to reset financial covenants and modify existing collateral agreements, creating a more sustainable capital structure.
This crisis originated from severe accounting irregularities and operational failures within JBG’s US segment, which triggered massive financial hemorrhaging. Paradoxically, the company’s core Jamaican operations consistently remained profitable and viable, a fundamental factor that convinced NCB to back the rescue. The strength of these domestic assets, vital to national food security and employment, formed the cornerstone of the bailout decision.
Angus P Young, CEO of NCBCM, emphasized the strategic importance of the intervention, stating, ‘Our support is grounded in the strength of the company’s core Jamaican operations and the decisive corrective actions now underway.’ He noted the financing was specifically tailored to align with JBG’s unique recovery needs and capital requirements.
The entire financial package is contingent upon the execution of a strict corporate overhaul already in motion. Under the conditions of the bailout, Group President and CEO Christopher Levy is implementing a disciplined recovery strategy focused on radical governance enhancement, fortified financial controls, and direct Jamaican oversight of the troubled US operations. The company has also engaged auditors with specialized sector experience to ensure transparency.
For decades, JBG has been an indispensable pillar of Jamaica’s agricultural economy, supplying poultry, eggs, and animal feed, thereby supporting countless rural livelihoods. This rescue deal not only secures the company’s future but also serves as a powerful demonstration of NCB Financial Group’s capacity to structure and lead large-scale domestic financial stabilizations.