CFAS Limited

Selected Projects and Transactions on which
CFAS and its Directors have worked as advisors

Infrastructure


Highways	Jamaica – 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 for 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, now launched by the successful concessionaire, Bouygues. The entire process from inception of the tender to execution was successfully completed in a record time of 24 months.
	Croatia – financial advisors on the first two phases of the Bina Istra toll motorway concession (2004/6).
	Guyana/Brazil – advice and preparatory work on the proposed Lethem-Boa Vista Highway (1992).
	Autostrade: advisor on the implementation of Electronic Tolls on Austria’s national highway system.
	USA - Advice to investors on the acquisition of road infrastructure assets (Indiana Toll Road, Indiana and Northwest Parkway, Colorado).
Ports	Novorossiysk – advice on the creation of a new Container Port (2006/7).
	National Port Authority of the Republic of South Africa - advisor and chief negotiator (2006).
	Louisiana Transshipment Container Port Terminal
	Demerara Bauxite Terminal, Guyana - Structuring the financing for the terminal, at the time, the first foreign financing by a Guyanese entity for many years (1990).
	Chaguaramas, Trinidad – advice on the sale by Alcan of the dry dock facility (1992).
	Curacao Port Authority - advisor on foreign joint venture partnerships (1995).
	CDM of Curacao – advice on international dry dock partnerships (1995).
Power	El Salvador – successful private placement of a controlling interest in the share capital in the course of privatisation of the national electricity utility (1994/5).
	Ansaldo Estere, Italy – advice on financial feasibility and structuring of a US$800 million power project (1994-1998).
Water	New Amsterdam, Guyana - Advisors on the water system rehabilitation project, financed by the European Development Fund (1991/2).
	Desalination Plants - Aruba; Water & Electricity Board (“WEB”) 1996/7 - Curacao; Aqualectra (1987).
Airports	Hato Airport, Curacao: financial advisor to Curacao Airport Holding on behalf of the Government in connection with the restructuring of the airport Concession (current)
	Sangster International Airport, Montego Bay, Jamaica – 1998/2003 - 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. Assistance to the government in negotiations with the selected consortium (YVRAS of Vancouver, Dragados of Spain, Agunsa of Chile and Ashtrom of Israel) and on their financing through the IFC for the concession and the US$135.4m construction of an expanded passenger terminal.
	Cheddi Jagan Airport, Timehri, Guyana – advisors to the Government on securing and negotiating a management contract by BAA (1988/1990).
	Curacao - Assistance to Curinta NV on the recovery of outstanding amounts in respect of certain airline charges at Hato Airport and successful recovery of all balances due to the airport company (1987-1989)
	Puerto Rico - Advice to the Port Authority of San Juan on a dispute with a major user at Luis Munoz Marin Airport regarding costs and allocation of airline charges related to offset arrangements in connection with the construction of a new airport terminal development (1988-1990).

Aviation

Airlines	Air Jamaica – Advisers to 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 (1981 – 1983).
	Air Jamaica – Joint 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 (1995/6).
	Trans Jamaican Airlines - assistance and advice in developing a restructuring plan to eliminate losses, improve efficiency in operations and prepare the company for privatisation. Also advisors on negotiations with aircraft manufacturers for re-equipment of the aircraft fleet. The company was successfully privatised in 1996 and subsequently operated as Air Jamaica Express (1990-1993).
	Curacao, ALM - assistance in the recovery of blocked foreign currency assets of ALM (1987).
	Air Aruba - Advisors to the Government on the successful rescue of Air Aruba, including the process of assumption of control by Government, recruiting a new management team, renegotiation of all debt, negotiation with aircraft manufacturers and airliner leasing groups for the re-equipment of the airline’s fleet, and recovery to viability in preparation for privatisation (1993 - 1998).
Aircraft Manufacturers	Brazil - Appraisal with Latinvest / Banco Icatu of tactical options, resource requirements and privatisation process in preparation for advising BNDES, Brazil, on the privatisation of Embraer (1992/3).
	UK - Advisors to Hawker Siddeley on the valuation of the group and the structuring of the merger with British Aircraft Corporation to create the present BAe. Also advisors to the Hawker Siddeley Group on the acquisition of Gardner Diesel and of Onan Corporation Inc (1980s).

Agriculture

Sugar	Jamaica – Advisors to the Government for the 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 (1992 – 2000).
	Advisors for structuring of the 1999 Euro16m short term financing and subsequently, in 2000, 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.
	Dominican Republic - CFAS advised on options for the restructuring of the state sugar company (1993/4).
	Guysuco, Guyana – Advisors to the Government for the management restructuring and rehabilitation programme after the 1989 sugar crop nadir of 123,000 tonnes to recovery by 1992 back to the range of over 200,000 tonnes. Drafting terms of reference and supervision of work on the World Bank and UK ODA supported Booker Tate development plan for Guysuco; 2000-1: work on funding plans for the new sugar mill at Skeldon now implemented with multilateral funding.
Rice	Guyana – Advisors to the Government on the privatisation of the state rice estates and mills.
	Curacao – Advice on structuring of the acquisition of two Guyanese rice estates by a Surinamese group for processing in Curacao and re-export to Europe.

Financial

	Aruba - Advisors to the Government in developing a new banking law for the AVV corporate entity and the new bank supervision agency (as members of the Government’s Joint Financial Sector Commission) (1994/5).
	Caribbean Development Bank, assistance to UBS as lead manager of the successful 2004 Bond issue.
	Jamaica; Leaders of the Government’s advisory team to develop the structure, institutional entities and overall strategy for state intervention in the insolvent insurance and banking sectors including 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 assumption by a World Bank team to manage the divestment and re-capitalisation process (1996-7).
	Aruba; Advisors to the Government on management of state borrowings from the NIB of the Netherlands and divestment of three Italian (SACE) and Dutch export credit guaranteed private sector hotel projects rescued by Government and successfully resold.
	Guyana – Brazil; Advisors to the Government of Guyana in connection with the debt swap to eliminate certain categories of debt between the two countries, offset others and transform the residual balance into traded Bonds
	Guatemala; Assistance to the Government team in designing the successful programme to exchange foreign trade arrears for high yield domestic Quetzal denominated debt. This new debt was tradeable and enabled local investors effectively to buy out the foreign debt. The programme also included study of the option for local investors to use such paper in payment for shares in privatisations.
	Jamaica; Advisors to a major hotel group on management of borrowings for hotel development and arrangement of a new financing structure (1995/6).
	Puerto Rico – Advisors on studies for the Government on the development of a local share and bond market (1990).
	UK; The Commonwealth Secretariat - retained by the British Commonwealth Secretariat to co-author and present a working paper entitled "Dealing with Sovereign Debt in Distress: Some Key Financial and Legal Aspects" at the 2004 Commonwealth Finance Ministers Forum in St. Kitts.
	Republic Bank, Trinidad & Tobago, advisor to the bank in connection with the acquisition of a foreign banking business.
	Trinidad & Tobago, assistance to the lead manager of the sovereign Bulldog Sterling Bond issue in the 1980s and participation in subsequent financings.

Export Programmes

	Guyana advisors to the Government on a successful Caricom export development programme in collaboration with three Caribbean Central Banks to help reduce Guyana’s Caricom debt.
	Aruba - retained by the Office of the Prime Minister for advice on development strategy for tourism sector expansion (1988-1997).
	Curacao - assistance to the Island Government in planning and hosting of European Trade Missions (1986 – 1988).

Mining

	Guyana -Advisors to the Government on planning and detailed negotiation of SYSMIN financing from the EU for the bauxite industry.
	Guyana – Advisors to the Government on the sale of the Berbice bauxite mining operations of BIDCO to Reynolds Aluminum and financing of a new investment programme.
	Zaire/DRC- Advisors to the Government and the African Development Bank on the refinancing and debt restructuring of the Kilo Moto gold mine in Haut-Zaire and of the copper/cobalt mining operations of Gecamines (1982-1990).

Health

	Antigua - Retained by the Office of the Prime Minister to carry out a benchmarking study on the planned capacity of the new Mount St John General Hospital; to review and pronounce on the competitiveness of private sector credits to the project; to assess the capacity of the National Medical Benefits Scheme (Universal Medical Insurance Programme) to fulfil its financial obligations under the loan agreements contracted by the Government to finance construction of the Hospital; and to make recommendations on alternative and supplemental means of financing construction, equipping and operating the hospital facility (2000-2002).

Telecoms

	Guyana Advisors to the Government on the telecommunications sector privatisation (1991/2).
	Puerto Rico - Advisors to one of the bidders for the privatisation of PRTC (1991).

State Sector

	Suriname; advisors to the Government on options for the restructuring of state sector companies and on strategies for the restructuring of the external debt (1985/1988).
	Portugal – Advice to the petrochemical group CNP (now part of LinnhoffMarch-KBC Energy) on restructuring of the group’s debt and capital structure and arrangements for recapitalisation financing.
	Guyana 1982-2001 Retained by the State Planning Secretariat and Office of the President to advise government teams from several Ministries on the IMF and Caribbean Development Bank programmes, and on state sector restructuring and divestment programmes.

UK; The Commonwealth Secretariat - retained by the British Commonwealth Secretariat to co-author and present a working paper entitled "Dealing with Sovereign Debt in Distress: Some Key Financial and Legal Aspects" at the 2004 Commonwealth Finance Ministers Forum in St. Kitts.

Aruba - retained by the Office of the Prime Minister for advice on development strategy for tourism sector expansion (1988-1997).

Curacao - assistance to the Island Government in planning and hosting of European Trade Missions (1986 – 1988).

Portugal – Advice to the petrochemical group CNP (now part of LinnhoffMarch-KBC Energy) on restructuring of the group’s debt and capital structure and arrangements for recapitalisation financing.

Guyana 1982-2001 Retained by the State Planning Secretariat and Office of the President to advise government teams from several Ministries on the IMF and Caribbean Development Bank programmes, and on state sector restructuring and divestment programmes.