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


Antigua

 

 

Healthcare - 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).

Aruba

 

 

Aviation - Advisors to the Aruban Government on the successful rescue of Air Aruba, the national airline, including the process of assumption of control by Government, recruiting a new management team, complete renegotiation of all debt, negotiation with aircraft manufacturers and airliner leasing groups for the re-equipment of the airline’s fleet of aircraft, and recovery to viability in preparation for privatisation (1993 - 1998).

 

Debt Restructuring; 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.

 

Financial - Assistance to the Government in developing a new banking law for the AVV corporate entity and the new bank supervision agency (acting as members of the Government’s Joint Financial Sector Commission) (1994/5).

 

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

 

Desalination Plants - Aruba; Water & Electricity Board (“WEB”)1996/7.
Curacao; Aqualectra (1987).

 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).

 

Advice and preparatory work on the proposed Brazil/Guyana highway from Boa Vista to Lethem (1992).

Curacao

 

 

Hato Airport, Curacao: financial advisor to Curacao Airport Holding on behalf of the Government in connection with the successful acquisition of control of the airport Concession from Alterra by A-Port, a consortium controlled by Zurich Airport and Camargo Correa of Brazil

 

ALM - assistance in the recovery of blocked foreign currency assets of ALM (1987).

 

Curacao Port Authority - advisor on foreign joint venture partnerships (1995).

 

CDM Curacao Dry Dock– advice on international dry dock partnerships (1995).

 

Curacao - assistance to the Island Government in planning and hosting a Trade Mission to London (1986 – 1988).

 

Advice on structuring of the acquisition of two Guyanese rice estates by a Surinamese company for processing in Curacao and re-export to Europe.

 

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)

CDB

 

Caribbean Development Bank, assistance to UBS, the lead manager of the successful Bond issue for the CDB in 2004 and more recently the US$120 million Note issue in October 2009

Commonwealth Secretariat

  

 

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.

Dominican Republic

 

 

CFAS advised on options for the restructuring of the state sugar company (1993/4).

 El Salvador

 

 

Power Sector – successful private placement of a controlling interest in the share capital in the course of privatisation of the national electricity utility (1994/5).

 Guatemala

 

 

Assistance to the Government team in designing the successful programme for exchanging foreign trade arrears for high yield domestic Quetzal denominated debt. This was tradeable and enabled local investors effectively to buy out foreign debt. The programme also included study of the option for local investors to use such paper in payment for shares in privatisations.

Guyana

 

 

Demerara Bauxite Terminal, Guyana - Structuring a financing for the terminal, at the time, the first foreign financing by a Guyanese entity for nearly ten years (1990).

 

Water: New Amsterdam, Guyana - Advisors on the water system rehabilitation project, financed by the European Development Fund (1991/2).

 

Cheddi Jagan Airport, Timehri, Guyana – advisors to the Government on securing and negotiating a management contract by BAA (1988/1990).

 

Guysuco – 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.

 

Guyana – Brazil; Advisors to the Government of Guyana in connection with the debt swap between the two countries to eliminate some of the debt between the two countries, offset some, and transform the residual balance into quoted Bonds

 

Rice – Advisors to the Government on the privatisation of the state rice estates and mills.

 

Export Programmes - advised the Government on Caricom export development programmes through three Caribbean Central Banks to help reduce Guyana’s Caricom debt (including two projects involving Demerara Distillers).

 

Mining -Advisors to the Government on planning and detailed negotiation of SYSMIN financing from the EU for the bauxite industry.

 

Mining – 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.

 

Telecoms - Advisors to the Government on the telecommunications sector privatisation (1991/2).

 

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

 Jamaica

 

 

Highway 2000: the first major private sector highway development in the Caribbean (1999 and continuing). 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, now 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 now passed its third construction phase and financings to date total just under US$500 million.

 

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, 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 in 1994 to advise on privatisation offers (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 of Jamaica (1995/6).

 

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 (1990-1993).

 

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 (1992 – 2000).

 

Sugar - 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 (1996-7).

 

Jamaica; Advisors to the hotel group, Superclubs, on management of borrowings for hotel development and arrangement of new financing (1995/6).

 Puerto Rico 

 

 

Advisors on studies for the Government on the development of a local share and bond market (1990).

 

Puerto Rico - Advisors to one of the bidders for the privatisation of PRTC (1991).

 

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).

Suriname

 

 

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).

Trinidad & Tobago

 

 

Chaguaramas, Trinidad – advice on the sale by Alcan of the dry dock facility (1992).

 

Republic Bank, Trinidad & Tobago, advisor to the bank in connection with the acquisition of a foreign bank.

 

Trinidad & Tobago, assistance to the lead manager of the sovereign Bulldog Sterling Bond issue in the 1980s and participation in subsequent financings.

 USA

 

 

US - Advice to investors on the acquisition of road infrastructure assets (Indiana Toll Road, Indiana and Northwest Parkway, Colorado).

 

Louisiana Transshipment Container Port Terminal (currently underway)

 

USA - 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.

Advisors to the Hawker Siddeley Group on the acquisition in the US of Onan Corporation Inc (1980s).