Nov 2010 Financial News

Great interest shown in Four Seasons

Nov 16, 2010

ANSA Merchant Bank is proud to be associated with the Four Seasons Project in Barbados.
Such was the comment made yesterday by Executive Director of ANSA Merchant Bank, Gregory Hill, prior to an official signing ceremony for the disbursement of a US$60 million credit facility between the Bank and Paradise Beach Limited, which will see construction starting once again at the Four Seasons Hotel & Residences. The ceremony took place at the Four Seasons Offices in Black Rock.

“The successful syndication and oversubscription and fully funding of this project shows our commitment to Barbados, our commitment to the Barbados capital market and also the commitment of the ANSA McALGroup for the region as a whole,” Hill said.

“In this particular transaction, ANSA Merchant Bank played the role of lead arranger, so we met with the Paradise Group and we spent quite a few months having several discussions... but the Government of Barbados provided a guarantee and they put their faith and confidence in ANSA Merchant Bank,” he added.

“A lot of people would have said that it took quite some time for the project to be resumed, but I think it was only fair that we did a thorough due diligence on the project and ensure that we covered all of our bases. Having done that, we are very very pleased with the project and the financing in particular,” Hill stressed.

He explained that ANSA Merchant Bank is a publicly listed company on the Trinidad and Tobago Stock Exchange. It belongs to the ANSA McAL Group of Companies, as does sister company Consolidated Finance Co. Ltd. This sister company falls under ANSA McAL Barbados, which is the administrative agency in the transaction responsible for managing all cash flows and working with the Paradise Group to ensure all creditors are paid.

Meanwhile, Hill has noted that the financing aspect was over-subscribed in the local, regional and international capital market. This, he said, is a reflection of the quality of the project, and the quality of the Government guarantee, notwithstanding the recent downgrade of the country’s credit rating. It is also a reflection of the resilience of the Barbadian economy and the people as a whole, he said.

David Inglefield of ANSA McAL (Barbados) also acknowledged the importance of the project to the economy of Barbados, given that it is a product in the most visible sector and has great significance in positioning Barbados as a premier destination and as a world-class competitor. (RSM)ꆱ


Source:
Barbados Advocate
Tuesday November 16, 2010

http://www.barbadosadvocate.com/newsitem.asp?more=local&NewsID=14036