Global Ports Holding Plc: Nassau Cruise Port succesfully raises over $130m through new 204 (1048831)

 
 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 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
            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: [phone]   Telephone: + [phone] 
Email:                           Email: 
[e-mail]   [e-mail] 
 
            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 
 
 

(END) Dow Jones Newswires

May 18, 2020 02:59 ET (06:59 GMT)