Royal Fidelity, Fidelity Bank (Cayman) Limited, Royal Bank of Canada, and Unicredit
signing of Grand Harbour refinancing. (Back row): Brett Hill, President of Fidelity
Bank, and Don Talbot, Director of Corporate Finance at Royal Fidelity. (Front row):
Michael Anderson, President of Royal Fidelity; Mike Bell, of Cayman Grand Harbour;
Perry Rombaugh, Commercial Account Manager at Royal Bank of Canada; Franz
Friedl, Managing Director of Unicredit Bank.

Royal Fidelity Merchant Bank and Trust said last week that it had successfully completed its first Cayman Islands transaction as the financial advisor to Cayman Grand Harbour Development.

The announcement was made by Michael Anderson, President of Royal Fidelity Merchant Bank and Trust, a regional investment banking group.

Royal Fidelity selected and brought together three of Cayman’s leading banks:

Fidelity, Royal Bank of Canada (RBC), and UniCredit to facilitate the structure of a refinancing package, the company said in a press release last Thursday.

The CI $19.2 million dollar package will assist in Cayman Grand Harbour Development refinancing its existing loans and providing working capital for the continued expansion of the development.

“We are pleased to have been able to assist Cayman Grand Harbour in meeting its financing needs and bringing the other banks together in this financial arrangement,” Mr Anderson said.

“Customizing innovative financial solutions that meet the varied needs of both the investors and the company is one of our strengths and Royal Fidelity looks forward to developing a greater presence in the Cayman market delivering a broad range and quality of advisory services.”

Mike Bell, owner/developer for Cayman Grand Harbour, noted the expertise needed to structure and manage a transaction that also brought improved efficiencies in their development financing.

“Royal Fidelity was able to provide the corporate finance and deal-structuring expertise to bring a consortium of banks together, which could satisfy my financial needs as well as their commercial interests. It would have been difficult to access this type of funding through traditional financing routes on the Island, he said.”

Management from the three-bank consortium confirmed their satisfaction with the transaction and said they anticipated future business with Royal Fidelity.

“The Grand Harbour transaction confirms that Royal Fidelity has the experience and technical expertise to produce an innovative corporate financial package that successfully meets our client’s financial needs,” said Perry Rombough, Senior Account Manager of RBC.

“We are certainly very pleased to be involved in this project and will continue to work closely with Royal Fidelity in providing advisory services and corporate banking products to Cayman’s top corporate clients.”

Franz Friedl, Managing Director, UniCredit Bank said, “UniCredit Bank Cayman Islands Ltd is pleased to co-operate with Royal Fidelity in this particular transaction, which also was most valuable for this long standing relationship with Cayman Grand Harbour.”

Cayman Grand Harbour is one of the Island’s first developments designed to be a complete residential community with commercial and professional components, as well as tourism and recreational facilities. Within the five miles of waterway property, there are five different residential areas serving various socio-economic backgrounds.