Latin Finance - September/October 2009 - 5

Cap Cana today ap Cana is a 30,000 acre, masterplanned luxury resort and real estate community located adjacent to the Punta Cana international airport on the eastern tip of the Dominican Republic in the Caribbean. The community is fully operational with championship golf and yachting facilities, a world class hotel, pristine beaches, a variety of dining and retail establishments and numerous other amenities. Unlike many resort and real estate developments throughout the Caribbean, Cap Cana has completed its major infrastructure facilities, iincluding 46 kilometers of paved roads, water reservoirs and distribution systems, 90 kilometers of fiber optic cables and 8 cell sites providing the latest mobile and telephony services, sewage and water treatment facilities, 70 kilometers of underground and aboveground electricity distribution lines, and 34 megawatts of total electricity generation capacity. This infrastructure was completed prior to the global economic slowdown, placing Cap Cana in the enviable position of being able to comfortably weather the present business cycle, and harvest on-going sales of its diverse portfolio of award-winning real estate products, while focusing on broadening and enhancing the strategic alliances and partnerships the Company enjoys with leading international companies in its sector. The Company reacted quickly to the changed economic environment by changing the focus of its sales C efforts and to restructure its balance sheet. Whereas its primary source of revenue had previously been from the sale of individual real estate properties to clients, Cap Cana adjusted to the slowdown in the retail market by actively pursuing sales of development sites to hotel and resort developers with liquidity and a shared interest in the exceptional quality standards for which Cap Cana has become known. This new development strategy has proven to be a very effective one in an otherwise challenging resort development environment. In February 2009, Cap Cana and AM Resorts, an award-winning privately held owner and operator of exclusive resorts in the Caribbean and Mexico that is related to travel wholesaler Apple Vacations, announced an agreement whereby AM will construct two luxury hotels in Cap Cana at a cost of US$200 million. In May of 2009, Cap Cana signed an agreement for the sale of another beach front hotel lot to a second privately held company. And in July of 2009, Cap Cana announced a partnership with AM Resorts for the management of the Golden Bear Lodge & Spa, as part of AM’s exclusive Zoëtry Collection, adding to Cap Cana’s already impressive list of worldclass brands. During the past 10 months Cap Cana implemented a comprehensive debt restructuring program in response to the adverse global economic conditions and unprecedented disruption in the credit markets. As a result, the corporate statement company has reduced its indebtedness by approximately US$200 million, and achieved a dramatic reduction in its debt service requirements. On May 8, 2009, Cap Cana announced the successful settlement and consummation of its offer to exchange $250 million aggregate principal of its 9.625% Senior Secured Notes due 2013, which received the endorsement and participation of over 96% the Company’s investors. The purpose of the exchange offer was to reduce the company’s interest payment obligations and extend the maturities of principal repayments. Unlike many other resort and real estate development companies in its sector still facing unresolved financial challenges, Cap Cana has been able to put its debt restructuring substantially behind it and focus on its core business. Following the successful completion of its debt restructuring in 2009, the Company has resumed the construction and development of key real estate products which were temporarily put on hold at the end of last year. This construction is for villas and condominiums that have been already purchased by consumers and are pending delivery. Industry experts have testified to the strong position in which Cap Cana now finds itself, having completed its extensive infrastructure, restructured its debt, and placed the company in a position to harvest years of sales and additional product development with very attractive returns.

Latin Finance - September/October 2009

Table of Contents for the Digital Edition of Latin Finance - September/October 2009

Latin Finance - September/October 2009
Contents
Investment Banking Survey
Who Said That?
OTPP Investment Strategy
Central Bank Scorecards
Brazil Liability Management
Real Estate Equity Resurrected
Structured Finance Forecasts
Grim Outlook. Reform Required
Banorte Seeks to Grow
Peru Spending Hits a Block
BCP Sees Better Days
Caribbean Investment Report
Sustainable Banking
Legal Services Survey
Parting Shot
Latin Finance - September/October 2009 - Latin Finance - September/October 2009
Latin Finance - September/October 2009 - Cover2
Latin Finance - September/October 2009 - Contents
Latin Finance - September/October 2009 - 2
Latin Finance - September/October 2009 - 3
Latin Finance - September/October 2009 - 4
Latin Finance - September/October 2009 - 5
Latin Finance - September/October 2009 - 6
Latin Finance - September/October 2009 - 7
Latin Finance - September/October 2009 - 8
Latin Finance - September/October 2009 - 9
Latin Finance - September/October 2009 - 10
Latin Finance - September/October 2009 - 11
Latin Finance - September/October 2009 - 12
Latin Finance - September/October 2009 - 13
Latin Finance - September/October 2009 - Investment Banking Survey
Latin Finance - September/October 2009 - Who Said That?
Latin Finance - September/October 2009 - 16
Latin Finance - September/October 2009 - 17
Latin Finance - September/October 2009 - 18
Latin Finance - September/October 2009 - 19
Latin Finance - September/October 2009 - 20
Latin Finance - September/October 2009 - 21
Latin Finance - September/October 2009 - 22
Latin Finance - September/October 2009 - OTPP Investment Strategy
Latin Finance - September/October 2009 - 24
Latin Finance - September/October 2009 - 25
Latin Finance - September/October 2009 - Central Bank Scorecards
Latin Finance - September/October 2009 - 27
Latin Finance - September/October 2009 - 28
Latin Finance - September/October 2009 - Brazil Liability Management
Latin Finance - September/October 2009 - Real Estate Equity Resurrected
Latin Finance - September/October 2009 - 31
Latin Finance - September/October 2009 - 32
Latin Finance - September/October 2009 - 33
Latin Finance - September/October 2009 - 34
Latin Finance - September/October 2009 - 35
Latin Finance - September/October 2009 - 36
Latin Finance - September/October 2009 - Structured Finance Forecasts
Latin Finance - September/October 2009 - 38
Latin Finance - September/October 2009 - Grim Outlook. Reform Required
Latin Finance - September/October 2009 - 40
Latin Finance - September/October 2009 - 41
Latin Finance - September/October 2009 - 42
Latin Finance - September/October 2009 - 43
Latin Finance - September/October 2009 - 44
Latin Finance - September/October 2009 - Banorte Seeks to Grow
Latin Finance - September/October 2009 - Peru Spending Hits a Block
Latin Finance - September/October 2009 - 47
Latin Finance - September/October 2009 - 48
Latin Finance - September/October 2009 - 49
Latin Finance - September/October 2009 - BCP Sees Better Days
Latin Finance - September/October 2009 - 51
Latin Finance - September/October 2009 - 52
Latin Finance - September/October 2009 - 53
Latin Finance - September/October 2009 - 54
Latin Finance - September/October 2009 - Caribbean Investment Report
Latin Finance - September/October 2009 - 56
Latin Finance - September/October 2009 - 57
Latin Finance - September/October 2009 - 58
Latin Finance - September/October 2009 - 59
Latin Finance - September/October 2009 - 60
Latin Finance - September/October 2009 - 61
Latin Finance - September/October 2009 - 62
Latin Finance - September/October 2009 - 63
Latin Finance - September/October 2009 - 64
Latin Finance - September/October 2009 - 65
Latin Finance - September/October 2009 - 66
Latin Finance - September/October 2009 - Sustainable Banking
Latin Finance - September/October 2009 - 68
Latin Finance - September/October 2009 - Legal Services Survey
Latin Finance - September/October 2009 - 70
Latin Finance - September/October 2009 - 71
Latin Finance - September/October 2009 - 72
Latin Finance - September/October 2009 - 73
Latin Finance - September/October 2009 - 74
Latin Finance - September/October 2009 - 75
Latin Finance - September/October 2009 - 76
Latin Finance - September/October 2009 - 77
Latin Finance - September/October 2009 - 78
Latin Finance - September/October 2009 - Parting Shot
Latin Finance - September/October 2009 - 80
Latin Finance - September/October 2009 - Cover3
Latin Finance - September/October 2009 - Cover4
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