CCI Group Completes Refinancing of The Beach House; New Agreement Reduces the Company's Cost of Capital.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CCI CCI Chambre de Commerce et d'Industrie (France) CCI CAM (Complementary and Alternative Medicine) Citation Index CCI Chamber of Commerce and Industry (Western Australia) Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CCIG CCIG Canadian Consumer Information Gateway CCIG Cold-Cathode Ion Gauge CCIG Computer Crimes Investigative Group ) announced today that it has paid the entirety of its lease payments under its sub-lease arrangement for its Barbuda resort. The resort property was the subject of a 99 year term governmental lease which began in 1989. The Company was the sub-lessee of the lease, and as a result these payments, it is now the direct lessee under the lease. The refinancing will reduce the Company's interest expense. The refinancing was accomplished by utilizing $4.7 million of its existing credit facility provided by The Laurus Master Fund. "By completing the refinancing, the Company can now focus on further development activities at the resort and target completing other acquisitions that we are currently pursuing," said Fred Jackson Fred Jackson may refer to:
"This financing was possible as a result of the strong progress we have made in improving operations at the Beach House," said Mark C. Casolo, Chairman of CCI. "In a short period of time, we have been able to report our first profitable months of operations as a result of increased occupancy and streamlined operations. Rapidly, the Resort is gaining recognition as one of the premier locations in the Caribbean for those seeking luxury travel." The Beach House on Barbuda is owned and managed by CCI Group, Inc. and is the first resort in the company's planned portfolio of ultra-luxury resorts throughout the Caribbean and in select destinations around the world. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which may involve known and unknown risks, uncertainties and other factors that may cause CCI Group's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. CCI Group cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectation on this date. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion