Barbados Port Inc. (BPI) has successfully concluded a $100 million refinancing arrangement, which better positions the company to execute key elements of its business strategy.
BPI formally concluded all legal and administrative requirements for a $100 million Bond which will refinance the company’s previously issued Bond facility, at much more favorable interest rates. The new Bond will be issued with maturity dates in three tranches: a five-year tranche at an interest rate of 4.2%, a ten-year at 5% and a 15-year at 5.5%.
The new deal, brokered through NCB Capital Markets (Barbados) Ltd, makes capital available for transformation of the Port of Bridgetown.
Minister of Maritime Affairs and the Blue Economy, the Hon. Kirk Humphrey, who has responsibility for the Port, said, “BPI is getting ready to launch a new 10-year master plan 2020-2030 which is in its final stage now. Once that is completed, not only will the country see a new look BPI as a company, but also the roll out of several new projects and modernisation of port operations. Some of proceeds of this issue will also be used primarily for recapitalisation, new equipment acquisition, enhancement of border security systems and repayments to existing bondholders of the older facility. Even in the midst of a global crisis we are looking ahead in the interest of Barbados.”