In January 2010, a magnitude 7 earthquake devastated Port-au-Prince, Haiti’s capital, and its environs. Two years later, the Caracol Industrial Complex (CPI) is a shining example of redevelopment and progress in the nation. Taylor-DeJongh is proud to have been involved in the project as the financial advisor to the Government of Haiti and to have worked in close cooperation with the Inter-American Development Bank and the US Department of State who supported the project with approximately US$170 million in funding, as well as to have helped determine viable options for access to electricity through our work with the US Trade and Development Agency. According to John Sachs, team leader and Washington DC Director at Taylor-DeJongh, “It was an honor to support the Government of Haiti on this priority project, one which will act as a catalyst for the economic development of the country.”

CPI is the single largest investment in Haiti since the earthquake and will be the largest industrial park in the country. Textile manufacturer, Sae-A trading Co. Ltd, will anchor CPI and is expected to invest over US$70 million in the facility and employ 20,000 Haitian workers, a third of the expected 60,000 permanent jobs to be created by the complex. Ground was broken on the CPI in November 2011 and it is scheduled to be completed in March 2012. For more information on Haiti after the earthquake and CPI see the following sites:

Official Site Caracol Industrial Park
Financial Times
Washington Post

Santos Ltd (“Santos”) has entered into facility agreements covering USD 1.2 billion of direct loans and guarantees from a consortium of Export Credit Agencies (“ECAs”) and commercial banks. The financing comprises three senior unsecured facilities. The participating ECAs are SACE of Italy, EFIC of Australia and EDC of Canada. Taylor-DeJongh acted as financial advisor to Santos on the three facilities.

The SACE- and EFIC-guaranteed facilities total USD 280 million and USD 250 million respectively* and amortize over 8½ years following completion of the GLNG project. The third facility, which is partly funded by EDC, totals USD 670 million and matures in 2019.

With an overall cost of USD 16 billion, the GLNG project will process coal seam gas (“CSG”) into liquefied natural gas (“LNG”) and has a nameplate capacity of 7.8 million tonnes of LNG per annum (two trains). The new ECA facilities provide Santos with flexible drawdown dates during the construction period and a long term amortising profile which matches the long term nature of Santos’s investment in GLNG.

The Taylor-DeJongh team was led by London Director Afonso Reis e Sousa, who said: “We are delighted to have closed the first ECA financing related to a CSG-to-LNG project. There were a number of unique aspects of the financing, including the dovetailing of a corporate facility structure with the underlying project. In addition, the financing was negotiated against the backdrop of the Eurozone crisis; the ability to close this financing in the current market environment speaks to the determination and hard work of all parties involved.”

Santos Chief Financial Officer Andrew Seaton said the ECA facilities were part of Santos’ funding strategy announced in late 2010 and demonstrate Santos’ ability to source capital from a diverse range of sources on attractive terms. “The strong support we received from existing and new lenders demonstrates the strength of the Santos business and financial profile,” he added.

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