From 2009 – 2012, Standard International Group advised the Government Employees Retirement System of the Virgin Islands (GERS) on its Alternative Investments – Local Investment Portfolio of which $100,000,000 had been allocated for local investment in the USVI. In December 2009, Standard International Group advised GERS on the original investment $3,300,000 investment in Seaborne. The original transaction consisted of two tranches: a first lien term loan for $1,300,000 to replace Seaborne’s existing credit facility and a senior secured convertible preferred loan for $2,000,000 to conduct the needed overhaul and maintenance of the airplanes. In 2012, an additional $1,500,000 investment in Seaborne (Airlines) Virgin Islands, Inc. in the form of an add-on term loan. The loan proceeds were used to provide additional working capital supporting Seaborne’s route expansion goal to capture a portion of available seats that became available as a result of American Eagle’s departure from the Caribbean. In addition, the transaction reduced Seaborne’s borrowing costs; reduced certain covenant requirements and extended its debt maturity. The transaction gave Seaborne a long-term strategic institutional investor with a presence in the region. In 2013, Seaborne decided to relocate its operations to San Juan, Puerto Rico and GERS successfully exited the Seaborne Airlines investment for a cumulative investment return of 34%.