January 7, 2021

Sagicor Group Jamaica Limited (SJ) and Sagicor Real Estate X Fund (XFUND) have advised of the pricing of an underwritten public offering of 10,000,000 Ordinary Shares of Playa Hotels and Resorts N.V. (NASDAQ: PLYA), held by Sagicor Jamaica, at a public offering price of US$5.00 per share.

SJ further advised:

“This offering is being conducted concurrently to an underwritten public offering of 25,000,000 new shares by Playa. Deutsche Bank Securities, BofA Securities, Citigroup and Nomura are acting as joint book-running managers for the offering.

“Additionally, this transaction will be simultaneous with an assignment of an additional 8,501,000 ordinary shares held by Sagicor Jamaica to Sagicor Financial Corporation Limited, for cash consideration, at a price equal to the price offered through the Public Offering less commission expenses associated with the Public Offering.

“Sagicor Jamaica’s interest in Playa is held by an affiliated company, Jamziv Mobay Jamaica Portfolio Limited (Jamziv), which holds a total of 20,000,000 of Playa’s ordinary shares, and these two transactions are expected to result in gross proceeds to Jamziv of approximately US$91 million (assuming no exercise of the underwriters’ option to purchase a further 1,499,000 ordinary Shares from Sagicor Jamaica).

“Both transactions are expected to close on January 11, 2021, subject to customary closing conditions.”

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