LPIA STAGE ONE FINANCING IS
PROJECT FINANCE MAGAZINE’S
BOND DEAL OF THE YEAR
Nassau, Bahamas March 5, 2010—Project Finance Magazine awarded Nassau Airport Development Company the Latin America Project Bond Deal of the Year for 2009. The publication, a subsidiary of Euromoney Magazine, based its decision on NAD’s ability to secure $265 million to finance stage one of the Lynden Pindling International Airport redevelopment project.
Yesterday, NAD executives travelled to New York to accept the award on behalf of LPIA. Project Finance Magazine looked at the airport management company’s ability to be innovative, show best practice, risk mitigation and problem solving skills during the finance negotiations.
According to the magazine’s website, the evaluation team took into consideration the overall world economic climate when selecting this year’s recipients. “Since the liquidity crunch of 2008…we have judged all deals in the context of the lending climate at the time of financial close.”
Stewart Steeves, Vice President of Project Development and the former Vice President of Finance and CFO at NAD, spearheaded the negotiations. “We were able to raise $40.1 million in $B, $194.9 million in $US and $30 million available in either $B or $US for our expansion project,” Steeves explains. “Once the new terminal opens in the spring of 2011, we will seek subsequent funding for stages two and three.”
A total of 16 investors and lenders along with NAD’s shareholder the Government of The Bahamas provided the capital to begin work on stage one. Funding is broken down into three segments: a $153 million revolving credit facility, a $42 million senior note (bond) facility and a $70 million subordinated participating debt facility.
Stage one of the airport expansion project includes construction of a 247,000 sq. ft. US Departures Terminal and Pier, approximately 1,000,000 sq. ft. of asphalt apron, expanded parking facilities and new roadways. NAD finalized funding in March 2009 and began construction on the new terminal in August 2009.
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Media Contact:
Shonalee King Johnson
Manager, Communications
Nassau Airport Development Company
(242) 702-1061
(242) 376-3617 mobile
Shonalee.Johnson@nas.bs
