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Newland, Builder of Trump Panama Resort, to Offer Dollar Bonds

Money Matters By Guillermo Parra-Bernal Nov. 6 (Bloomberg) -- Newland International Properties Corp., a real estate developer created to build a Trump Ocean Club International Hotel & Tower resort in Panama, plans to offer $220 million in secured notes as early as this week, according to a person with knowledge of the deal. Newland, based in Panama City, is offering notes due in 2014 that can be redeemed at a premium until after their third year, said the person, who declined to be named because terms aren't set. Proceeds from the transaction will be used for construction of the project and to refinance existing debt. (more)

The notes are rated Ba3 by Moody's Investors Service, three levels below investment-grade. The notes will be secured by a first-priority mortgage lien on the project, including all real estate, condominium and commercial units, a hotel and a casino as well as cash and receivables for a minimum collateralization of $275 million.

Bear Stearns & Co. is arranging the deal.

Located in the Punta Pacifica Peninsula in Panama City, the 69-storey Trump Ocean Club will offer 627 luxury residential condominium units, 369 hotel units, offices and an oceanfront about 295 feet long. The cost of the project is estimated at $227 million and the completion of the condominiums is expected until 2010, according to the person.

Newland is controlled by Ocean Point Development Corp., a Panama-based holding company whose majority shareholder is investor Roger Khafif. Newland also has Bogota-based Arias Serna y Saravia SA, a Colombian real estate developer, and Espacios Urbanos SA as partners.

To contact the reporter on this story: Guillermo Parra-Bernal in Sao Paulo at Last Updated: November 6, 2007 07:15 EST

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