Information  X 
Enter a valid email address

Global Ports Holding PLC (GPH)


Monday 18 May, 2020

Global Ports Holding PLC

Nassau Cruise Port succesfully raises over $130m through new 204

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.






For investor, analyst and financial media enquiries:


For trade media enquiries:

Global Ports Holding, Investor Relations


Global Ports Holding

Martin Brown, Investor Relations Director


Ceylan Erzi

Telephone: +44 (0) 7947 163 687


Telephone: + +90 212 244 44 40

Email: [email protected]


Email: [email protected]


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.

Category Code: MSCM
Sequence No.: 64255
EQS News ID: 1048831

End of Announcement EQS News Service


a d v e r t i s e m e n t