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Global Ports Holding PLC (GPH)


Wednesday 14 April, 2021

Global Ports Holding PLC

Extension of Eurobond tender offer period

Global Ports Holding PLC (GPH)
Extension of Eurobond tender offer period

14-Apr-2021 / 07:20 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

Extension of Eurobond tender offer period

This announcement is for information purposes only and is not an offer to purchase or a solicitation of an offer to sell any securities. This announcement is not for distribution or publication in or into the United States of America or any other jurisdiction in which it would be unlawful to do so. The Offer is being made only to holders of the Notes who are non-U.S. persons outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended.


Global Ports Holding Plc (GPH or the Group), the world's largest independent cruise port operator, provides an update regarding the offer made by its wholly owned subsidiary Global Liman Isletmeleri A.S. (the Offeror) for up to $75.0 million of its $250,000,000 8.125% Senior Unsecured Notes due 2021.


Extension of Expiration Deadline

The Expiration Deadline will be extended to 4.00 p.m. on 16 April 2021 or such later date as may be notified to the Noteholders in exercise of the right of the Offeror to delay the acceptance of Notes for purchase pursuant to the Offer, extend, re-open, withdraw or terminate the Offer and to amend or waive any of the terms and conditions of the Offer.


The Offer

The Offer is being made upon the terms and subject to the conditions set forth in the Tender Offer Memorandum, which is available at


Rationale for the Offer

The purpose of the Offer is to enable the Offeror to acquire and cancel its outstanding Notes, thereby reducing the outstanding principal amount thereof and related interest expense, which is consistent with the Offeror's on-going liability management objectives and its strategy to proactively address the upcoming maturity of the Notes.


Ratings Developments

Subsequent to the launch of the tender offer, on 12 April 2021, Moody's Investors Service ("Moody's") downgraded the long-term corporate family rating of the Offeror to Caa2 from Caa1 and the probability of default rating ("PDR") to Ca-PD from Caa1-PD. Concurrently, Moody's downgraded its rating of the Notes to Caa3 from Caa2. The Offeror outlook remains negative. Moody's is expected to classify the tender offer as a distressed exchange and append the "LD" designation to its PDR following settlement.

Strategic Alternatives

The Group is currently in the advanced stages of securing additional liquidity which, if received, the Group intends to use to redeem outstanding Notes; however, there can be no assurance that such financing will be obtained prior to the maturity of the Notes or at all. 


The Offeror is also evaluating the feasibility of utilising formal processes to restructure the Notes in other applicable jurisdictions.






For investor, analyst and financial media enquiries:


For media enquiries:

Investor Relations


Global Ports Holding, Company Secretary

Martin Brown


Alison Chilcott

Email: [email protected]


Email: [email protected]


Category Code: MSCH
LEI Code: 213800BMNG6351VR5X06
Sequence No.: 98846
EQS News ID: 1184413

End of Announcement EQS News Service


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