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FIRSTCARIBBEAN CLOSES US$375 MILLION FINANCING FOR
WATERFRONT DEVELOPMENT IN PORT OF SPAIN, TRINIDAD |
Port of Spain,
Trinidad & Tobago, May 24, 2007 – FirstCaribbean
International Banking & Financial Corporation Limited
announced that it has completed the financing of the
development of the prestigious Port of Spain International
Waterfront Centre by Port of Spain Waterfront Development
Limited (POSWDL), a wholly owned subsidiary of the Urban
Development Corporation of Trinidad and Tobago Limited (UDeCOTT).
The transaction, conducted with FirstCaribbean as financial
advisor, in conjunction with Barclays Capital, totaled
US$375 million and was placed in the U.S. Private Placement
market in an innovative structure.
“FirstCaribbean is pleased to have led this transaction. It
represents another pioneering role by our Capital Markets
unit in financing key infrastructure activity across the
region,” said Ian Chinapoo, Managing Director, Capital
Markets.
The long-term financing, to run for a 15.9 year term at a
fixed interest rate of 6.09%, was fully subscribed. This
follows the successful interim funding arranged and provided
by FirstCaribbean in the amount of US$176 million —US$136
million in December 2005 and US$40 million in June 2006—for
the project. |
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The Port of Spain
International Waterfront Development initiative is one of
the urban rehabilitation efforts being made by the
Government of Trinidad & Tobago. The Waterfront project is
of strategic importance to the Government of Trinidad and
Tobago’s development plans in the context of its Vision 2020
for the country. Vision 2020 is part of a nationwide
programme whose overarching mission is to propel the island
to First World status by the year 2020.
Upon completion, it is expected to position the Trinidad &
Tobago capital as a regional hub for finance, international
relations and trade. FirstCaribbean acknowledges the high
level of support and cooperation received from UDeCOTT and
the Ministry of Finance which ensured the successful and
timely conclusion of this transaction. The closure of this
venture marks a pioneering effort by UDeCOTT in the
international financial markets.
The Waterfront project’s two 26-storey towers will house
corporate offices and a 22-floor, 428-room Hyatt Regency
Hotel. Other features of the project, currently within
budget and deadline, include:
• A conference complex containing exhibition space
• Pre-function rooms, translation booths and media
facilities
• Retail shopping facilities
• Car park with a 1,200 vehicle capacity
Like the Government of Trinidad and Tobago, other
governments, and state-owned enterprises continue to look to
FirstCaribbean for Capital Markets solutions. In addition,
the unit continues to raise US$ hundreds of millions in debt
capital for these entities, and private and public
companies. FirstCaribbean Capital Markets’ product and
service suite includes Equity Underwriting, Syndicated Loans
and Structured Finance, debt underwriting and structured
project finance. |
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