GPH.L Share News (GPH)

(Alliance News) - Global Ports Holding PLC on Monday said Nassau Cruise Port Ltd has raised over USD130 million through its private bond offering.

The cruise port operator said 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.

"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," said Global Ports Chief Executive Emre Sayin.

Back in November, Global Ports and its partners announced an intention to invest in the Nassau Cruise Port consortium up to USD250 million to build a cruise terminal, create an event and entertainment area, improve the current retail facilities and introduce new food and beverage options.

The redevelopment of the port facility in Nassau is scheduled to occur in three phases, with the first phase of the project, which involves the demolition of current buildings and structures, underway.

Phase two will commence within the next 60 days, Global Ports said, 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, the company said it will complete the landside works.

"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," added Sayin.

The funds raised through this bond offering will be used to support the work for phases one and two. After that, Global Ports said it expects Nassau Cruise Port to raise equity and additional debt in order to finance the project through to completion.

Global Ports shares were trading 6.4% higher in London on Monday at 53.20 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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