MEDIA RELEASE PR37222
Cayman Islands Government Announces Pricing of Notes Offering
GEORGE TOWN, Nov. 20 /PRNewswire-AsiaNet/ --
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.
Forward-Looking Statements
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.
SOURCE: Ministry of Finance - Cayman Islands Government
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