Global Ports Holding PLC - London-headquartered cruise port operator - In talks with "certain key existing noteholders", collectively holding 40% of its outstanding USD250.0 million 8.125% senior unsecured notes due 2021. Global Ports says the entire aggregate principal amount of these notes remains outstanding and becomes due on November 14, together with accrued and unpaid interest. Interest is due and payable on these notes on May 14 and November 14. Due to the Covid-19 pandemic's impact on Global Ports' liquidity, the firm does not expect to repay the notes in full on the November maturity date. As such, it is contemplating a scheme of arrangement in connection with refinancing. An ad hoc committee has been formed by those noteholders who have entered talks with Global Ports.
Thus far, no agreement with the noteholder group has been reached and, on Thursday last week, a counterproposal was made by the noteholder group. Global Ports is considering this counterproposal.
Current stock price: 85.60 pence
Year-to-date change: down 16%
By Anna Farley; annafarley@alliancenews.com
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Global Ports (GPH)