The National Commercial Bank’s (NCB) Trinidad subsidiary has inked a US$75 million financing deal with First Caribbean International Bank (FCIB), also in Trinidad.

NCB Merchant Bank (TT) and FCIB (TT) have secured the US$75 million loan to refinance an incumbent maturity.

On May 7, the banks jointly co-arranged the US$75 million syndicated term loan facility for NCB Financial Group Limited, the pan-Caribbean financial services conglomerate headquartered in Jamaica and majority shareholder of Guardian Holdings Ltd through its subsidiary, NCB Global Holdings.

In a news release issued to the local media, NCB Merchant Bank reports that the proceeds of the loan were used to refinance an incumbent maturity and does not represent new debt.

In the release the NCB Trinidad subsidiary explains that, “since the acquisition and subsequent rebranding of AIC Finance Limited by NCB Capital Markets Ltd in 2014, NCB Merchant Bank (TT) (formerly NCB Global Finance Ltd.) has raised over TT$5.5 billion in capital market and structured financing transactions for private corporates and sovereign clients in the Southern Caribbean.

The news release added that, “within the last 30 months, NCB Capital Markets Ltd and its subsidiaries have raised over US$3 billion in capital market and structured financing transactions throughout the English-speaking Caribbean.”

The Trinidad and Tobago Stock Exchange, First Citizens Brokerage and Advisory Services as well as the law firms of Pollonais Blanc de la Bastide & Jacelon, M Hamel-Smith & Co and Patterson Mair Hamilton were part of the loan acquisition team.