165M debt for LPIA Phase One paid off

Thu, Dec 2nd 2010, 08:59 AM

The $165 million in debt from Phase One of Lynden Pindling international Airport has been paid off -- Guardian Business can confirm -- making way for the second phase of the $409.5 million redevelopment project to begin.
Executives from Nassau Airport Development Company (NAD) revealed that the sum was deposited into the bank account of the project fund on Tuesday, which will be used to pay off the debts generated during Phase One and refresh the project's revolving credit facility to enable Phase Two of the redevelopment to get underway.
President and CEO of the airport management company Stuart Steeves said paying off the bill was critical so that the project will stay on schedule.
"O ...

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