DCSX has approved the listing of 680 Bonds of Building Depot Curaҁao B.V. with a face value of ANG 50,000 each, with a total amount of ANG 34,000,000. The Curaçao Financial Group N.V. (“cfg”) is the mandated Listing Advisor.
Building Depot was established in 1999 by its founder Mr. Rodney Lucia, following a decision of the board members, to reorganize the Lucia Group by shifting the focus from a production-based company to a retail outlet for hardware, building materials, and household goods. This strategic stores shift allowed Building Depot to grow into one of the largest home improvement stores in Curaçao.
Since inception in 1999, Building Depot has exhibited only profitable years (when excluding 2013 the year in which the main building caught fire) and has increased its gross revenues tenfold with a compounded annual growth rate (“CAGR”) of 16.95%. As of the end of 2017, the group owns and conducts its business from a retail outlet of 19,000 m2 with over 140 full-time employees. The group also ended the year with record total consolidated revenues
of over ANG 55 million and a balance sheet total of more than ANG 100 million.
PURPOSE OF THIS BOND FINANCING
BDC’s current debt structure is made up of a consortium loan of ANG 27 million that was concluded by a syndicate of lenders after it was struck by a fire in 2013. The lenders in this consortium loan are APC, Girobank, Isla Pension
Fund, Vidanova Pension Fund, Guardian Group, and PSB Bank. Furthermore, BDC has a commercial mortgage loan for warehouse 2 of ANG 4 million provided by RBC Royal Bank, and an intercompany loan of ANG 3 million provided by BDT for the creation of additional retail space in the megastore, and a complete overhaul of the warehouse facilities.
The total indebtedness of BDC will be refinanced with this Bond Issue of ANG 34 million. The Bond Issue will consolidate and improve the terms of the current debt structure, increase the cash flow, attract a broader investor base and create a liquid, and tradable instrument. These factors will ensure that the company will achieve its main objective for the coming years: increasing the financial strength & agility to support further profitable growth of the group.
More information contact “cfg” listing advisor executives: