Global Ports Holding Plc: Nassau Cruise Port succesfully raises over $130m through new 204 (1048831)
May 18 2020 - 2:59AM
UK Regulatory
Global Ports Holding PLC (GPH)
Global Ports Holding Plc: Nassau Cruise Port succesfully raises over $130m
through new 204
18-May-2020 / 07:59 GMT/BST
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Global Ports Holding Plc
Nassau Cruise Port raises over $130m through new 2040 bond
Global Ports Holding Plc ("GPH" or "the Company"), the world's largest
independent cruise port operator, is pleased to announce that Nassau Cruise
Port Limited ("NCP") has successfully raised over $130m in USD-equivalent
Bahamian Dollar and USD, through its private bond offering. The 20-year bond
will mature in 2040 and pay a semi-annual coupon of 8.0% starting in June
2021. The principle will be repaid in ten equal annual instalments from June
2031. The bond is non-recourse to GPH or any other Group entity other than
NCP.
Emre Sayin, Chief Executive Officer, said:
"I am delighted that Nassau Cruise Port has successfully raised over $130m
through the issuance of a 20-year bond. In these challenging times for so
many industries and the global tourism market in general, it is testament to
both the strength of our transformational plans for Nassau Cruise Port and
the continued long term attractiveness of the cruise industry that the bond
issuance has been so successful.
This project will create much-needed jobs and help support many local
businesses in what is an uncertain time for many Bahamians. Once complete,
Nassau Cruise Port's redevelopment will offer cruise passengers, locals and
tourists an exceptional port and waterfront experience and one that will
rival any in the world."
Nassau Cruise Port Project
The redevelopment of the port facility in Nassau is scheduled to occur in
three phases. The first phase of the project, which involves the demolition
of current buildings and structures, is well underway. Phase two will
commence within the next 60 days and involves completing the marine works,
which includes material purchases, an expansion of the berthing capacity of
the port, and upgrades to existing infrastructure. In phase three, we will
complete the landside works, including the new arrivals terminal and plaza,
Junkanoo Museum, retail Market Place, amphitheatre, and other food and
beverage and entertainment spaces. The project will also see the port
integrated into Bay Street with the expectation that it will serve as a
catalyst for the wider development of downtown Nassau.
The funds raised through this bond offering will be used to support the work
for phases one and two. In the middle of 2021, Nassau Cruise Port, through
the Bahamas Investment Fund (BIF), will raise equity and additional debt in
order to finance the project through to completion. The equity raise will
mean thousands of Bahamians will have an opportunity to invest in BIF,
facilitating broad-based Bahamian ownership in this project.
CONTACT
For investor, analyst and For trade media enquiries:
financial media enquiries:
Global Ports Holding, Investor Global Ports Holding
Relations
Martin Brown, Investor Ceylan Erzi
Relations Director
Telephone: +44 (0) 7947 163 687 Telephone: + +90 212 244 44 40
Email: Email:
martinb@globalportsholding.com ceylane@globalportsholding.com
Notes for Editors
Nassau Cruise Port ("NCP") is 49% owned by Global Ports Holding ("GPH"), 49%
owned by the Bahamas Investment Fund ("BIF") and 2% owned by Yes Foundation,
with Global Ports Holding operating the port. BIF is a Bahamian retail fund
which provides a unique opportunity for tens of thousands of Bahamian
investors to invest in equity and debt in the project. The YES Foundation
will be established as a charitable entity promoting Youth, Sports and
Education for Bahamians. Its primary focus will be on helping young
Bahamians succeed by investing in programs to help ensure that they develop
the leadership, technical, and life skills to earn a livelihood.
ISIN: GB00BD2ZT390
Category Code: MSCM
TIDM: GPH
Sequence No.: 64255
EQS News ID: 1048831
End of Announcement EQS News Service
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May 18, 2020 02:59 ET (06:59 GMT)
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