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Unicell Paper Mills Caribbean Limited

Debt Restructuring and New Financing

US$ 55,000,000

October 2009

Unicell Paper Mills Caribbean Limited (“Unicell”) is a Trinidad-based manufacturer of tissue paper products and the leading tissue paper mill in the Caribbean.

Pan American Finance advised Grand Bay International, an affiliate of Montreal-based Kruger Group, on the restructuring of US$44.5 million in existing long-term bank debt and the structuring of US$10.5 million in new working capital facilities from the IFC, RBTT Bank, First Citizens Bank and the Export-Import Bank of Trinidad & Tobago.