Mar 2007 Financial News

FirstCaribbean closes US$46 million financing with GraceKennedy

Mar 29, 2007

FirstCaribbean International Bank announced yesterday that it has closed a US$46 million transaction with GraceKennedy Limited, one of the Caribbean's leaders in the distribution, financial and food processing industries.

The closing of the financing facility, with FirstCaribbean Capital Markets as the sole arranger, supports GraceKennedy's acquisition of WT (Holdings) Limited Group of the United Kingdom. The facility was underwritten by FirstCaribbean Inter-national Bank (Jamaica) Limited.

"FirstCaribbean is pleased to support GraceKennedy in achieving this landmark ac- quisition. Our Capital Markets team continues to pursue diverse transaction opportunities as a market-leading corporate financier and provider of investment banking services," said Ian Chinapoo, Executive Director, Capital Markets.

With the recent acquisition, GraceKennedy will gain access to a growing ethnic and specialty foods consumer group in the UK's retail, wholesale and food service markets. WT (Holdings) Limited Group, with annual sales of around £60 million, runs a modern distribution facility and office space north of Central London.

FirstCaribbean Capital Markets continues to raise debt capital for governments, state-owned enterprises and private and public companies. In addition to debt underwriting and structured project finance, the unit's product and service suite includes Equity Underwriting, Syndicated Loans and Structured Finance offerings.

The Barbados Advocate
Thursday, March 28, 2007.
http://www.barbadosadvocate.com/NewViewNewsleft.cfm?Record=30508