Sterling Global Financial Announces Successful Private Placement for NPIF
Sterling Global Financial Announces Successful Private Placement for NPIF Friday, April 29, 2016 Bahamas-based Sterling Global Financial announced today that its indirect private placement offering to raise funds for its real estate lending vehicle, New Providence Income Fund, Ltd. (“NPIF”), closed successfully, demonstrating confidence in the economic climate for prudent real estate debt investment. “We are very satisfied with the outcome of the offering and particularly pleased by the way in which it was handled through major Canadian financial institutions,” said Sterling President Stephen Tiller. “We believe the reception it received from investors is an indication of the appetite for carefully-aligned real estate debt investment.” NPIF is the flagship fund of Sterling Global Financial, an integrated banking and financial services provider with headquarters on East Bay Street in Nassau. Along with its trust services based in Cayman, Sterling has more than U.S.$9 billion in assets under administration and some 1,500-plus clients. The banks participating in the offering were led by GMP Securities L.P., and included CIBC, Canaccord Genuity Corp. and Raymond James Ltd. Funds raised will help support NPIF’s mortgage lending program in selected markets in the United States, Caribbean, Canada and Europe when appropriate opportunities arise. NPIF has funded many notable projects including the new Marriott Courtyard at the western end of historic Nassau. NPIF has averaged annual compounded net returns of 14.56% since inception, a rate that has earned it plaudits from Barclays Hedge Fund as most successful fund since inception and earned it top rating on the Sharpe Index, which measures the relationship between risk and reward. “We are very optimistic about our core markets and the opportunities we see,” said Sterling Chairman David Kosoy. “Interest from borrowers in the markets we serve continues to strengthen and we see this trend accelerating, bringing further borrowing demand. Additionally, our continuing emphasis on fast, flexible and reliable service in the U.S. also provides ample opportunities as superior service is the key to success when you are entrusted with the management of funds and the preservation of assets.” For further information, please contact Ross Brennan at 242 677 1911. Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will”, “estimate” and similar expressions to the extent they relate to NPIF and Sterling Global Financial. The forward-looking statements are not historical facts but reflect the current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although NPIF and Sterling Global Financial believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither NPIF nor Sterling Global Financial undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. The future performance of NPIF may differ substantially from the performance fund’s prior performance. The information above is historical and is not intended to be, nor should it be construed to be, a forecast or an indication as to the future performance of NPIF. There can be no assurance that the performance of NPIF will equal or exceed the fund’s prior performance. Past performance does not guarantee future results.