CIBC SECURES US$57+ MILLION FINANCING FOR MAHO GROUP RECONSTRUCTION
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L to R: Pim van der Burg, Managing Director Corporate & Investment Banking, CIBC FirstCaribbean Bank, Garth Sherwood, Country Manager,CIBC FirstCaribbean Bank, Saro Spadaro, President and Chief Executive Officer of The Maho Group, Timba Engelhardt, Associate Director, Investment Banking, CIBC FirstCaribbean Bank and Suhandi Pinedo, Senior Analyst Investment Banking, CIBC FirstCaribbean Bank.
SINT MAARTEN (PHILIPSBURG) – CIBC FirstCaribbean has partnered with the Maho Group in its reconstruction and upgrading of its properties. Sonesta Ocean Point Resort and Sonesta Maho Beach Resort sustained severe damages from hurricane Irma last September and the bank has arranged financing for Maho’s rebuilding through a US$ 57,5 million Senior Secured Term Loan which is partially guaranteed via Export Development Canada.
“Since the passing of hurricanes Irma and Maria CIBC FirstCaribbean has given intensive regional support, providing relief supplies and donations and funding for the rebuilding of homes and businesses.
“Seven months later, the bank remains dedicated and committed to St. Maarten and the other territories that have been impacted by the storms. We are proud to support the rebuilding of what is a very important resort to St. Maarten.
“The start of this reconstruction will create the necessary employment and is key to bringing the tourist back to this beautiful island” said Pim van der Burg, Managing Director Corporate & Investment Banking of CIBC FirstCaribbean Bank.