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Introduction – Trump Ocean Club project apparently lacking conventional financing elected to do a bond offering in Panama for $220,000,000 in place of conventional financing. Bear Stearns ahs agreed to sell the bonds. Fitch Ratings has given the bonds a proposed rating of BB, which is a substantial rating.
Bonds – The proceeds from the sale of the bonds will be used to provide construction financing for the Trump Ocean Club project in Panama City, Panama. The project, which carries the Trump name, is located in Punta Pacifica section of Panama City. The project encompasses 627 condos, of which 65% are supposed to be pre-sold at present. The project also has a 369-room hotel, casino, yacht club, pier, gourmet restaurants, spa, gym, retail shops, and 1400 parking spots. The bond sale proceeds will be applied to fund a construction escrow to cover construction costs, fund a six month reserve account for debt servicing and shall be applied to satisfying some existing indebtedness. The bonds or notes are 7-year term with a three and a half year interest only period with semi-annual payments. There are strict provisions preventing dividends or cash releases to the developer. Accumulating additional debt shall be restricted. A trustee shall control the escrow account with payments made only after certification that all the work ahs been completed at agreed upon prices and there must be 125% is sales receivables available which means have to keep up in order for the draw down funds to keep flowing.
Discussion – Well it seems that Trump is going to be at least a construction reality. Whether or not the actual buyers belly up to the bar with the other 70% on completion is something we have to wait for. Can they get financing for the 70% is still yet another unanswered question. Having a commitment for the financing and having the financing are two different things. So far it is looking very favorable and we expect to see the Trump Ocean Club to be a reality. Their units are currently selling in the $4700 to $7000 per sq. meter price range and they have a penthouse for $12,000,000. It is rumored that Brad Pitt bought one of the penthouses some months ago for $10,000,000, nice gain huh. The way things look Panama will probably see some high end units in different projects reaching $10,000 a sq. meter, just wait and see it for yourself.
Fitch Ratings - Fitch's ratings are available on their web site: http://www.fitchratings.com
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
