Global Ports Holding PLC - London-based cruise port operator - Signs agreement with Puerto Rico Ports Authority to lease San Juan Cruise Port for 30 years. Global Ports will pay at least USD425 million for the port. Firm will pay USD75 million upfront to the Puerto Rican authority. Adds USD100 million during the initial investment phase and USD250 million during the second phase. The latter investment will be used to expand "the capacity of the cruise port by building a completely new cruise pier and state-of-the-art homeport terminal capable of handling the world's largest cruise ships at Piers 11 and 12". Aims to modernise cruise port experience for passengers and cruise lines . Expects long-term financing via debt finance from US debt capital markets from US institutional investors.
States that the port had 1.8 million unique passengers in 2019.
Current stock price: 90.00 pence, up 0.7% on Wednesday
12-month change: down 26%
By Tom Budszus; tombudszus@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Global Ports (GPH)