Global Ports Holding Plc: Nassau Cruise Port 2040 bond, total offering of $150m

Global Ports Holding PLC (GPH) 
Global Ports Holding Plc: Nassau Cruise Port 2040 bond, total offering of 
$150m 
 
29-May-2020 / 07:00 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 2040 bond, total offering of $150m 
 
      Global Ports Holding Plc ("GPH" or "the Company"), the world's largest 
     independent cruise port operator, is pleased to announce that following 
 discussions with its advisors and a review of the order book, Nassau Cruise 
   Port Limited ("NCP") has decided to issue its private bond offering for a 
   total offering of $150m. Today's announcement follows the announcement on 
     18th May 2020 that Nassau Cruise Port had raised over $130m through its 
            private bond offering. 
 
   Management believes that the significant level of demand for this bond is 
  testament to the continued long term attractiveness of the cruise industry 
  and the strength of our transformational plans for Nassau Cruise Port. The 
   20-year, multi-currency (Bahamian and US Dollar) bond will mature in 2040 
  and has been placed with over 200 domestic and international investors. It 
  will 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. 
 
            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 make a meaningful contribution 
            to their local community. 
 
ISIN:          GB00BD2ZT390 
Category Code: MSCH 
TIDM:          GPH 
Sequence No.:  66705 
EQS News ID:   1058367 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

May 29, 2020 02:00 ET (06:00 GMT)