May 2007 Financial News

FirstCaribbean finances waterfront development in Trinidad

May 25, 2007

PORT-OF-SPAIN, Trinidad & Tobago: FirstCaribbean International Banking & Financial Corporation Limited has announced that it has completed the financing of the development of the Port of Spain International Waterfront Centre by Port of Spain Waterfront Development Limited (POSWDL), a wholly owned subsidiary of the Urban Development Corporation of Trinidad and Tobago Limited (UDeCOTT).

The transaction, conducted with FirstCaribbean as financial advisor, in conjunction with Barclays Capital, totaled US$375 million and was placed in the US Private Placement market in an innovative structure.

“FirstCaribbean is pleased to have led this transaction. It represents another pioneering role by our Capital Markets unit in financing key infrastructure activity across the region,” said Ian Chinapoo, Managing Director, and Capital Markets.

The long-term financing, to run for a 15.9 year term at a fixed interest rate of 6.09%, was fully subscribed. This follows the successful interim funding arranged and provided by FirstCaribbean in the amount of US$176 million —US$136 million in December 2005 and US$40 million in June 2006—for the project.

The Port of Spain International Waterfront Development initiative is one of the urban rehabilitation efforts being made by the Government of Trinidad & Tobago. The Waterfront project is of strategic importance to the Government of Trinidad and Tobago’s development plans in the context of its Vision 2020 for the country. Vision 2020 is part of a nationwide programme whose overarching mission is to propel the island to First World status by the year 2020.

Upon completion, it is expected to position the Trinidad & Tobago capital as a regional hub for finance, international relations and trade. FirstCaribbean acknowledges the high level of support and cooperation received from UDeCOTT and the Ministry of Finance which ensured the successful and timely conclusion of this transaction. The closure of this venture marks a pioneering effort by UDeCOTT in the international financial markets.

The Waterfront project’s two 26-storey towers will house corporate offices and a 22-floor, 428-room Hyatt Regency Hotel. Other features of the project, currently within budget and deadline, include:

A conference complex containing exhibition space
Pre-function rooms, translation booths and media facilities
Retail shopping facilities
Car park with a 1,200 vehicle capacity
Like the Government of Trinidad and Tobago, other governments, and state-owned enterprises continue to look to FirstCaribbean for Capital Markets solutions. In addition, the unit continues to raise US$ hundreds of millions in debt capital for these entities, and private and public companies.

FirstCaribbean Capital Markets’ product and service suite includes Equity Underwriting, Syndicated Loans and Structured Finance, debt underwriting and structured project finance.


Source:
Caribbean Net News
Friday 25th May, 2007

http://www.caribbeannetnews.com/news-1698--17-17--.html