Apr 2015 Financial News

First Citizens in US$80.7m partnership with Phoenix Park

Apr 20, 2015

First Citizens has announced a partnership with Phoenix Park Gas Processors Ltd (PPGPL) for a US$80.7 million loan facility which will mature in March 2021. The facility was used to refinance debt facilities previously arranged by US domiciled banks.

It is of national significance as it demonstrates PPGPL’s ability to access financing commensurate with its reputation and credit quality as well as being financed wholly in US dollars sourced locally by First Citizens.

The signing ceremony was attended by Energy Minister Kevin Ramnarine; Indar Maharaj, president, National Gas Company of T&T Ltd; Dominic Rampersad, acting president, Phoenix Park Gas Processors Ltd; Karen Darbasie, First Citizens Group chief executive officer; Jason Julien, deputy CEO–banking operations, First Citizens Group; and other key members of the PPGPL and First Citizens management teams.

Phoenix Park’s core business consists of natural gas processing, natural gas liquids (NGLs) aggregation, fractionation and marketing.

The company operates T&T’s only natural gas processing and NGLs fractionation plant and is the largest producer and marketer of propane, mixed butane, isobutane and natural gasoline in T&T.

At the signing ceremony Rampersad noted the importance of the local financial sector in the development of the local economy and complimented First Citizens for the role it played in completing this transaction.

In response, Darbasie said how pleased the banking group was tocontribute to the energy sector and demonstrate its continued commitment to the development of this important industry in T&T.

Source:
Trinidad Guardian, A16
Monday April 20, 2015