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BSI working with int’l creditors
Best Sunshine International, Ltd. is currently in serious talks with international creditors to raise bonds that would help the company with its investments on Saipan. BSI was given the sole casino license on the island and is in the process of building a multibillion dollar hotel.
BSI chief executive officer Mark Brown, chief services officer Tao Xing, and majority stockholder Xi Jiabo made a presentation yesterday with members of the House of Representatives at the House chamber in the Jesus P. Mafnas Memorial Building.
Brown said that aside from talking with their investors he is also working in closing out bond deals with several international financial agencies. “We’re speaking with all the banks. We’re dealing with Credit Suisse at the moment.”
“We’re dealing with Morgan Stanley, and talking with Credit Suisse and talking to Deutsche Bank. And again, [I am] talking with the investors and getting out there working on a bond deal,” said Brown.
He added that rating agencies also came to Saipan, bringing with them representatives from Credit Suisse, Morgan Stanley, SC Lowy, and Jefferies. BSI’s proposed bonds would offer investors exposure to the gaming industry on Saipan.
Brown said he has been working to close out a bond deal to show naysayers that BSI’s investment on Saipan is for the long haul. “That’s what I wanted to do, to close and get a bond deal done.”
“You get one of those big name stamps on your bond, then bam! Credit Suisse, you know that make’s you real. And you are out there, besides us, we’re raising monies and putting our own monies into the property, again over $600 million in investments,” Brown added.
He said that Imperial Pacific International, BSI’s parent company, had already invested billions of dollars on Saipan. “You can’t move forward without building [and investing] billions of dollars for these properties.”
“You need the bond deals. We haven’t borrowed one dollar from the bank yet. So that’s what we’re looking to do and we’re dealing with Credit Suisse, SC Lowy, and Jefferies now. Once this bond deal gets done, then we move on.”
