Source: Demerara Waves

The National Industrial and Commercial Investments Limited (NICIL) officially issued a US$ 150 million equivalent bond facility, arranged by Republic Bank Limited exclusively through its Investment Banking Division, the holding company for government’s assets said in a statement.

The local law firm London House Chambers, headed by Devindra Kissoon,  acted as Republic Bank’s transaction attorney.

The bond will be issued in multiple tranches, with the first tranche of roughly G$17 billion or US$85 million equivalent having been issued to local investors on Friday, May 24, 2018.

“With the issue, NICIL becomes the first public issuer to raise debt in the local capital markets in over 10 years. The bond is the largest ever bond facility arranged in Guyana and was oversubscribed by local investor on the first tranche,” NICIL said in a statement said.

The government corporation said the  proceeds of the bond issue will be used towards capital expenditure and general operations for the Guyana Sugar Corporation (Guysuco).

NICIL’s team lead by Colvin Health-London, the head of its Special Purpose Unit, secured the bond to recapitalize the Guysuco’s operations.

“Historically, cash-strapped Guysuco struggled on its own to raise the funds needed to revamp its operations. However, under the management of Mr. Heath-London, funding was secured through the stated-owned entity with the support of the Government of Guyana through a sovereign guarantee,” the Kingston, Georgetown-based NICIL said.

NICIL acts as a holding company for Government owned minority and majority interests, property management which includes the acquisition, disposal and rental of Government owned properties.

In addition, NICIL monitors Government’s equity in other companies, engage in development projects and acts as agents for other Government agencies in the disposal of properties or management of companies.

Source: Guyana Times

Kamal Ramkarran was unanimously re-elected unopposed as President of the Bar Association when the body held its Annual General Meeting on Thursday at the Victoria Law Courts, Georgetown.

Robin Stoby, S.C. and Teni Housty were also unanimously re-elected unopposed to their posi-tions of Vice-President. Similarly, Pauline Chase was re-elected as Secretary and Devindra Kis-soon as Treasurer. Keoma Griffith was elected as the new Assistant Secretary of the Association, while Jamela Ali, Timothy Jonas, Sanjeev Datadin, Arudranauth Gossai, Sonia Parag and Alanna Lall were elected to the remaining six seats on the Council.

Source: News Room

The National Industrial and Commercial Investments Limited (NICIL) expects to raise US$65,000,000 within the next few months through a combination of local and regional investors, including those in Trinidad and Jamaica.

News Room learnt that the funds raised are to be used towards GuySuCo’s capital expenditure and general operations.

Also, a targeted roadshow is expected to be launched within the coming weeks to raise the remaining amounts.

Guyana aggressively reentered the capital markets arena with NICIL issuing the first tranche of a US$150,000,000 bond arranged by Republic Bank Limited exclusively through its Investment Banking Division. This transaction of roughly G$17 billion or US$85,000,000 equivalent is being disbursed on May 24, 2018, with the residual tranche to be issued to NICIL as is needed.

The Government Guaranteed bond has been issued for a five-year term with a rate of return of 4.75 percent per annum. NICIL’s team led by Colvin Health London, the head of its Special Purpose Unit (SPU), structured the bond to recapitalize GuySuCo’s operations.

The SPU was created to divest GuySuCo’s resources.

Historically, GuySuCo on its own has struggled to raise the funds needed to revamp its operations. However, under the stewardship of Mr. Heath-London, the transaction was crafted so that NICIL, through the support of the Government of Guyana, issued the facility, avoiding the pitfalls associated with investors’ reluctance to support a poorly managed Guysuco.

The bond was oversubscribed by the Guyana local investor market shortly after its announcement.

Even more impressive is that through the Government’s local content mandate, the transaction was consummated entirely using Guyanese companies and local legal counsel, Hand in Hand Trust Corporation acting as Trustee, Guyana Americas Merchant Bank Inc as paying agent, the Attorney General representing the Government of Guyana, NICIL represented by its In House counsel A. Mclean, the Ministry of Finance through its debt management team, and Republic Bank Limited represented by Devindra Kissoon of London House Chambers, demonstrating the capacity of Guyanese to handle these sophisticated transactions, a positive sign of things to come.

Republic Bank was able to successfully tap the local investor market to raise mutually beneficial financing for the Guyana Government and investing subscribers.

London House Chambers founding partner Devindra Kissoon has again been ranked by Chambers and Partners. In rating Kissoon, Chambers stated: “Devindra Kissoon of London House Chambers is praised by sources as a “very, very intelligent” lawyer who produces “excellent work.” His practice covers commercial and constitutional law, with notable experience in matters relating to the mining and telecoms sectors. His highlights include defending the Guyana Revenue Authority in a taxpayer constitutional challenge relating to a tax assessment valued at USD13 million.”