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Virgin Islands bond deal a blast in Caribbean rum war
http://www.reuters.com/article/marketsNews/idUSN1848645420090618 - A $250 million bond issue
the U.S. Virgin Islands Public Finance Authority plans to
bring to the municipal market next week is the latest sally in
a Caribbean rum war with Puerto Rico over federal tax
rebates.
The issue will finance a $165 million rum plant in St.
Croix and related expenses for drinks giant Diageo PLC
(DGE.L), which will shift production of its Captain Morgan Rum
from Puerto Rico to the USVI after a contract with Puerto
Rican rum producer Destileria Serralles runs out in 2012.
Underwritten by JPMorgan and Citi, the deal includes $80
million to $100 million annually in benefits for the firm, or
about half the USVI's anticipated annual take from a federal
rebates program the two U.S. territories share.
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