Friday 21 September, 2018

CIBC celebrates ‘North American Port Deal of the Year Award’

CIBC was a participating lender in the US$265M financing of the privatized Kingston Container Terminal (KCT), an entity operating under a 30- year concession agreement between the Port Authority of Jamaica and Kingston Freeport Terminal Limited. 

CIBC was a participating lender in the US$265M financing of the privatized Kingston Container Terminal (KCT), an entity operating under a 30- year concession agreement between the Port Authority of Jamaica and Kingston Freeport Terminal Limited. 

CIBC FirstCaribbean International Bank is celebrating the successful completion of a commercial and financial transaction that has been named “North American Port Deal of the Year” by IJ Global Magazine in its 2016 America Awards.

The bank was a participating lender in the US$265M financing of the privatized Kingston Container Terminal (KCT), an entity operating under a 30- year concession agreement between the Port Authority of Jamaica and Kingston Freeport Terminal Limited. 

CIBC FirstCaribbean partnered with the Inter-American Development Bank (IDB), the Lead Arranger and Lender, to provide a 15-year commitment as a B-loan lender (under the IADB's A/B loan program), demonstrating its willingness, as a commercial bank, to provide unconventional lending support to a strong borrower and project finance structure. The bank was the only commercial bank to participate in the transaction.

Nigel Holness, Managing Director, CIBC FirstCaribbean International Bank, Jamaica said that “the bank was honoured to partner with IDB and other development finance institutions and be part of the lending syndicate for this deal which was recognized by IJ Global for excellence, achievement and innovation in energy and infrastructure finance in 2016.”

Describing the deal as “a major achievement for the bank’s Investment Banking Unit”, Adam Carter, Executive Director, Investment Banking said “CIBC FirstCaribbean’s experience and expertise in executing advanced corporate and project finance structures and led by a team of regional sector-specialized professionals, were all integral to the successful completion of the deal and demonstrated our role as a leading player as a regional bank committed to investing in progressive Caribbean projects.”

IJ Global is a Euromoney Journal and online news service providing information on financial structure, policy, pricing and key players influencing transactions and trends internationally.  The IJ Global Awards, the most prestigious on the infrastructure calendar in the USA, celebrate “the best in class” in energy and infrastructure over the past year.