Barclays Capital and FirstCaribbean International Bank have raised US$375 million of financing for the Port-of-Spain International Waterfront Centre development at a fixed 6.09 per cent under private placement in the United States market.

The funds are repayable in just under 16 years.

The centre is a project of the Port-of-Spain Waterfront Development Limited (POSWDL), a wholly owned subsidiary of the state-owned Urban Development Corporation of Trinidad and Tobago Limited (UDeCOTT).

conference centre with exhibition space

The development will feature two 26-storey towers to house corporate offices, plus a 22-floor, 428-room Hyatt Regency Hotel, a conference centre with exhibition space, retail shops and a 1,200-slot car park.

"FirstCaribbean is pleased to have led this transaction. It represents another pioneering role by our Capital Markets unit in financing key infrastructure activity across the region," commented Ian Chinapoo, managing director of FirstCaribbean Capital Markets in a statement.

The bank's investment arm had initially provided interim funding to UDeCOTT of US$176 million, arranged in two tranches between December 2005 and June 2006.

The waterfront development is part of the broader 'Vision 2020' plan by Trinidad to attain developed country status.

"Upon completion, it is expected to position the Trinidad & Tobago capital as a regional hub for finance, international relations and trade," said FirstCaribbean, Thursday.

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