NCB Capital Markets strengthens long-standing support for FESCO through J$600M corporate bond

NCB Capital Markets Limited (NCBCM) has successfully arranged a J$600 million corporate bond for Future Energy Source Company Limited (FESCO), extending a long-standing financing partnership that has supported the company’s growth from its Jamaica Stock Exchange Junior Market listing in 2021 to its latest phase of national expansion.

The four-year exempt distribution bond, which closed recently, will go towards refinancing and restructuring FESCO’s debt maturity profile, as well as provide additional working capital to support the company’s continued growth.

This debt issuance builds on a relationship spanning several milestone transactions. NCBCM served as Lead Arranger and Broker for FESCO’s successful Junior Market listing in 2021 before arranging a J$1 billion corporate bond in early 2022 and a further J$700 million bond later that year. Together, these transactions have helped finance the company’s expansion while supporting its evolving capital needs.

Richard Samough, Assistant Vice President, Investment Banking at NCB Capital Markets, said the latest financing underscores the importance of long-term advisory relationships in helping businesses achieve sustainable growth.

“One of the greatest measures of success for an investment bank is when clients continue to trust you as their business evolves,” Samough noted. “We have had the privilege of supporting FESCO through multiple stages of its growth—from becoming a listed company to executing several successful capital raises—and this latest financing reflects the strength of that relationship. Our focus is not simply on arranging transactions, but on structuring financing solutions that position our clients for long-term success.” 

According to Samough, the transaction demonstrates its approach to investment banking—working alongside clients throughout their growth journey to structure financing solutions that strengthen their financial position, support expansion and create long-term value.

The financing will support FESCO’s continued investment in its network of retail fuel stations, including the development of FESCO Oval on Spanish Town Road, the acquisition of other company-operated service stations and the addition of dealer-operated locations. The company expects to welcome another three dealer-operated service stations before the end of 2026, growing the network’s footprint to 26 dealer and company-owned locations across Jamaica.

Jeremy Barnes, Managing Director of FESCO, said the latest financing further strengthens the company’s ability to execute its growth strategy.

“As FESCO has grown, we have required financing solutions that evolve alongside our business,” Barnes stated. “NCB Capital Markets has been a trusted adviser throughout that journey, helping us access capital that supports both our immediate objectives and our long-term ambitions. This latest financing strengthens our financial flexibility and positions us to continue expanding our network across Jamaica.”

Future Energy Source Company Limited is a Jamaican-owned fuel marketing company operating since 2013, the owner of the “FESCO” and “FESGAS” trademarks and is licensed to market and distribute petroleum products, including LPG in Jamaica with a network of branded company or dealer-operated service stations, LPG filling plants, retail and depot locations.

NCB Capital Markets has played a leading role in financing a number of Jamaica’s most significant public and private sector transactions. Through its expertise across debt and equity capital markets, structured finance, mergers and acquisitions and corporate advisory services, the company continues to help businesses access the capital they need to grow, invest and create lasting economic value.