Future Energy Source Company, which trades as Fesco, has retired $700 million in bonds three years ahead of schedule, reducing its financing costs and freeing up collateral for new borrowing to support its expansion.
The bonds, which paid 11.75% interest, were redeemed at the end of December 2024, and Fesco requested their delisting from the Jamaica Stock Exchange in February this year.
The company replaced the bonds with a new loan at a 9.0% interest rate, saving around $16 million in interest payments.
The new loan has an extended maturity date of mid-2029, allowing Fesco to take on additional debt for further growth.
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