Dec 2005 Financial News

RBTT closes US$140m facility

Dec 22, 2005

RBTT Bank Ltd has successfully closed the largest-ever syndicated loan facility raised by a financial institution in the Caribbean. The revolving three-year facility closed at US$140 million, after raising over US$200 million in commitments. The transaction was initially launched in the international bank market at US$115 million, but was increased because of the tremendous interest.

The syndicate members include 19 banks from the United States, Europe, Latin America and Asia, with RBTT’s major partners being ING serving as sole bookrunner and administrative agent, along with arrangers Wachovia Bank NA, Natexis Banques Populaires, Bladex, and Dresdner Bank Lateinamerika AG.

“Our success in closing a syndicated facility of this magnitude yet again speaks to our excellent reputation and credit rating within the international financial community,” said Suresh Sookoo, head, southern Caribbean and retail banking, RBTT Financial Group. “The fact that international entities have demonstrated such keen interest in working with RBTT is testimony to the significant strides we have made in establishing a dynamic presence in the global financial arena.”

According to Kerri Maharaj, treasurer, RBTT Bank Limited, apart from RBTT having closed the first revolving syndicated facility, the transaction was a landmark one in many other respects: its record size surpassed the US$115 million syndicated facility, which RBTT closed in August 2004; it was competitively priced; and it attracted a broad range of investors.

“Engaging in this activity enables RBTT to meet its goal of being the pre-eminent financial institution in the region,” said Maharaj. “Additionally, as no regional bank would have previously accessed three-year bank funding on this scale, it sets a precedent for other banks.”

RBTT, which has an extensive network of commercial banks and financial institutions in 13 jurisdictions throughout the Caribbean and Central America, maintains its BBB- investment grade rating by Fitch.


The Trinidad Guardian
Thursday, 22nd December, 2005.
http://www.guardian.co.tt/business2.html