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