Highway 2000: the first major private sector highway development in the Caribbean. Retained by the Development Bank of Jamaica and Office of the Prime Minister to advise on the development, structuring of the international tender process, and project management/coordination, jointly with UBS, of a substantial team of advisors, for a US$1,200m 35 year toll highway concession, launched by the successful concessionaire, Bouygues. The entire process from inception of the tender to execution of the first phase was successfully completed in a record time of 24 months. The project has passed its third construction phase and financings to date total over US$800 million.
Sangster International Airport, Montego Bay, Jamaica – retained by the National Investment Bank of Jamaica for assistance, jointly with UBS, in structuring the project and the international competitive tender process for a 30 year concession for the second largest Caribbean airport, Sangster International Airport at Montego Bay. Assistance in negotiations with the selected consortium (YVRAS of Vancouver, Dragados of Spain, Agunsa of Chile and Ashtrom of Israel) and coordination of the winning consortium’s financing through the IFC for the concession and the US$135.4m construction of an expanded passenger terminal.
Air Jamaica – Retained to advise the Government on the competitive assessment and final selection of new aircraft types for the long range fleet leading to the equipping of the fleet with new Airbus aircraft. Retained to advise on privatisation offers.
Air Jamaica – Joint Financial Advisors with PriceWaterhouse Coopers for development of the business plan for the reserve bidder’s offer acquire a majority interest in Air Jamaica at its privatisation by Government of Jamaica.
Trans Jamaican Airlines – retained for assistance and advice in developing a restructuring plan to eliminate losses, improve efficiency in operations and prepare the company for privatisation. Advisor on negotiations with aircraft manufacturers for re-equipment of the aircraft fleet. The company was successfully privatised in 1996 and more recently operated as Air Jamaica Express.
Sugar – retained by the Office of the Prime Minister and the Development Bank of Jamaica to assist in the Government rescue and restructuring of the sugar sector. Preparation of financing plan and structuring of the financings for the sugar sector, management of the international tender process, including the successful Euro65m five year credit led by KBC of Belgium in 1999 the first ever Euro financing by a non industrialised country and the first ever true multi-year financing for any ACP sugar producer.
Sugar – Financial Advisors for structuring of the 1999 Euro16m short term financing. Subsequently, in 2000, CFAS advised on the structuring of a Euro84m five year syndicated Multi-Option Facility refinancing the original Euro65m credit on improved terms, coordinated with a parallel Caribbean Development Bank US$25m integrated loan. The Euro65m medium term syndicated Facility was selected as the ‘runner up’ ‘Best Deal of the year’ in 1999 by International Trade Finance Magazine.
Jamaica; retained by the Office of the Prime Minister to help develop the structure, institutional entities and overall strategy for state intervention in the insolvent insurance and banking sectors including advising on creation of the ‘lifeboat’ company (FINSAC) and initial intervention negotiations, procuring and managing emergency forensic audits (acting as prime contractor on behalf of the Government for retention of the KPMG and Ernst & Young teams) in preparation for the subsequent arrival of a World Bank team to take over and manage the divestment and re-capitalisation process.
Jamaica; Financial Advisors to the hotel group, Superclubs, on management of borrowings for hotel development and arrangement of new financing.
In 2018, CFAS were appointed financial advisors to Clarendon Alumina Partners, the state holding company for Jamaica’s ownership share of Jamalco, a world renowned alumina refinery and bauxite mining business. Our work in 2018 and 2019 involved structuring and preparation for the necessary revised financing arrangements in preparation for the subsequent incorporation of Jamalco.