Thursday, November 8 2007

RBTT Merchant Bank will finance a huge chunk — US$86M of the US$121M — in financing for the St Maarten Harbour Holding Company NV The Dutch Caribbean company will use the funding to assist with the expansion of its cruise and cargo facilities, RBTT said.

The bank’s bid was successful against two major international banks to arrange financing for the project. Carnival Corporation PLC has agreed to fund the remainder.

This arrangement follows Merchant Bank’s raising of US$9.9M for cargo facility construction at the St Maarten Harbour in 1999.

“RBTT Merchant Bank has been able to secure significant cost savings for the St Maarten Harbour Holding Company by tapping the local, regional and international capital markets to a degree that no other investment bank could, while providing the most creative solutions,” said RBTT Merchant Bank Managing Director Lyndon Guiseppi.

Another noteworthy point, according to RBTT Merchant Bank, is that this transaction represents one of the largest port financing transactions in the region, placing St Maarten Harbour Holding Company on the world map.

“We were proud to have been awarded the mandate to raise this funding, ahead of other international financial institutions, by providing excellent pricing, long tenure and a fixed rate for 15 years,” said Nigel Ferguson, RBTT Merchant Bank Regional Manager – Capital Markets. RBTT Merchant Bank has previously been successful in arranging financing in the Dutch Caribbean.

The last issue originating out of St. Maarten was the funding for Princess Juliana International Airport (PJIA), of which 90 per cent was distributed to major US investors.