Investor Cigna visits St. Maarten airport

POSTED: 01/22/13 12:42 PM

St. Maarten – Cigna Corporation invested $30 million in airport bonds as part of the $132 million bond issue that is underwritten by Nomura Securities. Cigna Managing Director Leonard Mazlich visited the island last week.

At a lunch meeting with Prime Minister Sarah Wescot-Williams on Thursday Mazlich said he was impressed with the airport, and noted in particular, the smooth transfer from the aircraft, through immigration and baggage claim. Cigna Investment Management Fixed Income Securities is a division of Cigna Corporation,

Mazlich was accompanied on the visit by Patrick Cann, Vice President of Nomura Securities International Inc. He stressed the importance of the transaction and revealed that Cigna was encouraged to invest in the bond as a result of the Moody’s rating of Baa2 the airport had recently been granted.

A typical investment for Cigna ranges between $20 and $40 million, and its investment in the Princess Juliana International airport bonds falls within this bracket. Cigna has considerable experience in the Caribbean, with investments in islands like the Bahamas, Cayman Islands, Bermuda, and Aruba.

Cann said his company was happy to have underwritten the PJIAE bond issue, which was over-subscribed almost immediately. He expressed confidence in the airport and praised its management for its vision and leadership.

Cigna is a global health insurance company, with about $22 billion in revenue, employing 31,000 people worldwide and active in 30 countries around the globe. It is one of the largest health service companies in the US, with headquarters in Bloomingfield, Connecticut. Cigna is listed on the New York Stock Exchange and is a component of the S&P 500 stock index.

Nomura is a Tokyo-based financial services group and global investment bank with regional headquarters in Hong Kong, London, and New York with operations in 18 stock exchanges all over the world and has held the number one position on the London Stock Exchange since 2007.

The bond issue allows the airport to execute its capital improvement program, Managing Director Regina Labega said. This program includes the resurfacing of the runway, construction of taxi-ways, expansion of the aprons to provide additional aircraft parking, and the relocation of various facilities to improve efficiency.

 

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