"FirstCaribbean is pleased to have led this complex project to a successful conclusion. From start to finish, this represents two years of dedicated work and we are especially proud to be the first Bank in the Caribbean to close such a transaction,” he said. 

Mr. Young also indicated that FirstCaribbean was delighted to have been able to work with the Government of the Turks and Caicos Islands and Interhealth Canada in bringing the groundbreaking and complex transaction to financial close. FirstCaribbean also worked with the Barclays Bank PFI team, who provided structuring assistance to the Bank; leading UK law firm, Lovells; and Turks and Caicos law firm, Miller Simons O’Sullivan. 

The Turks and Caicos Islands Hospitals Public Private Partnership (PPP) Project includes the design, construction and operation of two new hospitals in the Turks and Caicos Islands by a consortium led by Interhealth Canada as well as the provision of clinical services and a medical equipment service. 

The Project will be financed by a total debt and equity funding package of approximately US$124 million, US$62million of which is funded by way of senior debt supplemented with mezzanine debt and subordinated debt.  The deal also includes provision of interest rate swaps and a price inflation swap. 

The PPP follows the UK Private Finance Initiative (PFI) approach which was an initiative to involve private companies in the provision of public services, particularly public buildings. Under a PFI scheme, a capital project such as a school, hospital or housing estate, is designed, built, financed and operated by a private sector consortium, under a contract that typically lasts for 25 years. 

FirstCaribbean’s Corporate Finance team is based in Barbados and is a dedicated unit of industry specialists, including Tourism and Real Estate Specialists, who deliver tailored financial solutions to the Bank’s most valuable and complex clients across the 17 countries of FirstCaribbean’s operations in the Caribbean.