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NAD wraps up final round of funding

Nassau Airport Development Co has announced that an additional $225 million has been secured for the redevelopment of Lynden Pindling International Airport. 

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TheBahamasInvestor.com
Friday, April 27, 2012
Friday, April 27, 2012

Nassau Airport Development Co (NAD) executives have confirmed the conclusion of financing for the redevelopment project at Lynden Pindling International Airport (LPIA).

The airport management company signed documents today confirming the $225 million agreement, bringing the final round of funding to a close for the project valued at $409.5 million.


Funding will be received in two batches as follows: $135 million in May and $90 million in August.

Key objectives of NAD’s financing structure are to maintain competitive rates at LPIA, to ensure that no government guarantees are needed and to maintain an investment grade credit rating. The overall financing structure depends on the company’s ability to continue to grow its commercial revenue and manage its competitive rate program.

“As we move forward with the development at LPIA, this final round of financing is significant,” said Stewart Steeves, president and chief executive officer at NAD. “We worked closely with our bankers and investment team to determine the best strategies to secure proper funding for a project of this magnitude.”

In March 2011, the US Departures terminal, stage one of the development, opened on schedule at a cost of $191 million.

Presently, stage two construction is underway and includes a new International Arrivals Terminal and Pier to be completed this fall.

The final stage, construction of a Domestic and International Departures and Domestic Arrivals Terminal is set for completion in the fall of 2013.

Increased taxation on the sector dubbed "regressive" as tourism officials address key issues at the 16th annual Caribbean Hotel and Tourism Investment Conference (CHTIC) being held this week in San Juan, Puerto Rico.

During a general session on tourism financing at the Caribbean Hotel Tourism and Investment Conference in Puerto Rico on Wednesday, experts said institutions were not expecting any meaningful growth in the sector until 2014.

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