Dec 2005 Financial News

Republic subsidiary issues $US25 bond for TCL expansion

Dec 15, 2005

Republic Bank subsidiary, Barbados National Bank (BNB) Finance and Trust Corporation, recently issued a US $25 million (BBD$50 million) fixed rate bond for planned expansion at the Arawak Cement Company in Barbados.

The transaction was one of the largest Corporate Barbados Dollar capital markets transactions in the history of the island.

BNB Managing Director and Chief Executive Officer, Robert Le Hunte, said Arawak Cement and its parent company, Trinidad Cement Limited (TCL), are amongst the longest standing customers of BNB and of Republic Bank.

"Given the high level of construction leading up to World Cup Cricket 2007, we recognized the importance of this project to Arawak and to Barbados and tried to ensure that Arawak’s unique financing needs were met," he said. Le Hunte added that the transaction, despite its complexity with a number of disbursements, was completed in a short period of time to ensure that Arawak’s activities were not disrupted.

The Trinidad Newsday
Business Day
Thursday, 15th December, 2005.
http://www.newsday.co.tt/business.php?p=1#31711