Global Ports Regulatory News (GPH)

Global Ports Holding Plc

Nassau Cruise Port 2040 bond, total offering of $150m

Global Ports Holding Plc ("GPH" or "the Company"), the world's largest independent cruise port operator, is pleased to announce that following discussions with its advisors and a review of the order book, Nassau Cruise Port Limited ("NCP") has decided to issue its private bond offering for a total offering of $150m. Today's announcement follows the announcement on 18th May 2020 that Nassau Cruise Port had raised over $130m through its private bond offering.

Management believes that the significant level of demand for this bond is testament to the continued long term attractiveness of the cruise industry and the strength of our transformational plans for Nassau Cruise Port. The 20-year, multi-currency (Bahamian and US Dollar) bond will mature in 2040 and has been placed with over 200 domestic and international investors. It will 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.

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.

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 make a meaningful contribution to their local community.