FirstCaribbean closes deal with Pristine Estates N.V.

March 23, 2009 4:35 AM

FirstCaribbean Corporate Banking Curacao has successfully closed a landmark US$45 million refinancing transaction with Pristine Estates N.V. The company owns the 612-room 3.5 star Holiday Inn Resort and Casino in Aruba.

FirstCaribbean has been associated with Pristine since 1999 as part of a syndicate which included partner banks Maduro & Curiel’s Bank N.V. and Girobank N.V. However this transaction represented a larger facility for the customer with FirstCaribbean being Lead Arranger and participating as a Senior Lender.

According to Donna Wellington, Manager - Hospitality, Corporate Finance, who led the deal team, the Unit was able to create a financing solution tailored to meet the client’s needs and expectations and further, formed relationships with the local banks in order to successfully syndicate the transaction.

“Pristine Estates is part of the larger Lionstone Group, a prominent hospitality investment group with significant Caribbean presence. It is our hope to have a continued close working relationship with Lionstone allowing us to provide them with financial solutions to meet their needs on a larger scale. It is also pleasing that we were able to become the Lead Arranger of the facility for Pristine, given that they have been closely associated with one of our main competitors in the Dutch Caribbean for about a decade,” she said.

Pim van der Burg, Managing Director, Dutch Caribbean added, “The Lionstone Group is one of the most prominent hotel owners and operators in the Dutch Caribbean with a strong track record for more than 20 years. It has been an honor for us to arrange this transaction and to assist Lionstone to further grow their business in our region. The transaction also shows that FirstCaribbean is committed to their clients and to the Dutch Caribbean, even in the difficult economic circumstances the global economy is facing.”

Bruce Lazar, Executive Vice President of the Lionstone Group, applauded First Caribbean’s delivery of personal and professional service throughout the transaction.
FirstCaribbean’s Corporate Finance team is a dedicated unit of industry specialists, including Tourism, Real Estate, Utilities and Distribution, who deliver tailored financial solutions to some of the Bank’s largest clients.

ABOUT FIRSTCARIBBEAN INTERNATIONAL BANK
FirstCaribbean International Bank is the largest, regionally-listed bank in the English- and Dutch-speaking Caribbean, serving 550,000 accounts in 17 regional markets. The Bank offers a full range of market-leading financial services in Corporate Investment Banking, Retail Banking and Wealth Management, and Treasury. Formed in 2002, FirstCaribbean maintains a Standard & Poor’s “A-” rating, and is a member of the CIBC Group. More information about FirstCaribbean may be found at www.firstcaribbean.com.

(Source: FirstCaribbean International Bank)

March 19, 2009

Law firm VanEps Kunneman VanDoorne assisted FirstCaribbean in this transaction.