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Cayman Islands Government Announces Pricing of Notes Offering
George Town, Cayman Islands, November 20 (ots/PRNewswire) - The Cayman Islands Government announced today that it has priced US$312 million principal amount of 5.95% Notes due 2019 (the "Notes") in an international offering.
The offering was launched on 18 November 2009 and priced on 19 November 2009. The Notes have a maturity of 10 years (2019) and a coupon of 5.95% per year. The net proceeds from the offering will be used to repay outstanding bridge financing facilities and to fund capital expenditures.
The Notes have not been registered under the U.S. Securities Act, as amended, (the "U.S. Securities Act") and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About the Cayman Islands
The Cayman Islands is an Overseas Territory of the United Kingdom located in the western Caribbean Sea. The Cayman Islands consists of three islands, Grand Cayman, Cayman Brac, and Little Cayman. With a population of approximately 57,000, the economy of the Cayman Islands is primarily driven by the financial services and tourism industries. More information about the Cayman Islands can be found on http://www.caymanfinance.gov.ky.
This news release includes forward-looking statements that reflect the Government's current views with respect to future events. The words "expects," "intends," "anticipates," "believes," "projects," "estimates" and similar expressions identify forward-looking statements. These forward-looking statements are based upon estimates and assumptions made by the Government or its officials that, although believed to be reasonable, are subject to certain known and unknown risks and uncertainties.
These risks and uncertainties include, among others, the political, economic and other conditions in the Cayman Islands and globally; the actual rates of change, if any, of gross domestic product and other economic indicators of the Cayman Islands in any year or other period; the Government's financial condition and budgeted revenues and expenditures, including, for example, the Government's ability to increase revenues and reduce expenditures; legislative, regulatory or administrative initiatives affecting businesses, financial institutions and foreign investment in the Cayman Islands; changes in tax and other laws in the United States, United Kingdom or Cayman Islands and other major financial centers that may affect the attractiveness of financial services in the Cayman Islands; economic conditions in the United States and other major financial centers that may result in lower demand for financial services or tourism in the Cayman Islands; prevailing conditions in domestic, international and multilateral lending markets and domestic and international capital markets that may affect our ability to finance budgetary requirements and to refinance outstanding debt and other obligations; weather, climatic or geological occurrences, particularly hurricanes, earthquakes and tropical storms; declines in demand for financial services or tourism in the Cayman Islands, due to competition from other countries or otherwise; terrorism, particularly acts of terrorism outside of the Cayman Islands that affect tourism or financial markets within the Cayman Islands; changes in interest rates or exchange rates; a reduction in our foreign currency reserves; the financial condition and liquidity of banks and other financial institutions in the Cayman Islands; availability and terms of financing for new projects; the performance of non-core entities owned or controlled by the Government; trade and tariff policies of the Cayman Islands' trading partners; declines in tax revenues; and revisions to economic, financial and statistical information, particularly as a result of pending Government audits.
ots Originaltext: Ministry of Finance- Cayman Islands Government
Im Internet recherchierbar: http://www.presseportal.ch
For more information :Ted Bravakis, Director, Public Relations Unit,
Ministry of Finance, P +1(345)244-2266, M +1(345)925-7109, E