REG-Global Ports Holding PLC Private placement of secured notes and investment grade credit rating

Global Ports HoldingAnnouncement

29/09/2023 07:00

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   Global Ports Holding PLC (GPH)
   Private placement of secured notes and investment grade credit rating

   29-Sep-2023 / 07:00 GMT/BST

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   Global Ports Holding Plc

   Private placement of secured notes and investment grade credit rating

   Global  Ports  Holding  Plc  ("GPH"  or  "Group"),  the  world's   largest
   independent cruise  port operator,  is  pleased to  announce that  it  has
   issued USD 330  million of  secured private placement  notes ("Notes")  to
   insurance companies  and long-term  asset managers  at a  fixed coupon  of
   7.87%.

   The Notes have received an investment grade credit rating from two  rating
   agencies and will fully  amortize over 17 years,  with a weighted  average
   maturity of c13 years.

   The majority  of  the  proceeds  have  been used  to  repay  in  full  the
   outstanding  senior  secured  loan  from  Sixth  Street,  including  early
   repayment fees  and accrued  interest. The  balance of  proceeds from  the
   Notes will primarily be used to  fund further Caribbean expansion and  the
   payment of transaction costs. 

   This financing generates  material savings of  cash interest expenses  and
   creates a  stable,  long-term funding  base  for the  Group.  Further,  it
   secures the financing of our growth pipeline.

   Global Ports  Holding, Co-Founder,  Chief Executive  Officer and  Chairman
   Mehmet Kutman, said:

    "I am  delighted that  we have  reached  an agreement  with a  number  of
   insurance companies,  all leading  institutions in  the private  placement
   market. Our  strategy and  the effectiveness  of our  approach are  firmly
   endorsed by the investment grade credit ratings achieved for the Notes and
   we  look  forward  to  using  this  additional  capital  to  continue   to
   successfully expand our business. I would like to thank our investors  for
   their support of GPH and our management team."

   Global Ports Holding, Chief Financial Officer Jan Fomferra, said:

   "The achievement of an investment grade credit rating for these Notes is a
   testament to the unique  strength of our business  model and supports  our
   financing capacity. This  financing arrangement will  allow us to  finance
   our anticipated  investments in  new port  expansion projects  while  also
   lowering our interest expenses and lengthening the maturity profile of our
   debt. I want to also thank our  investors as well as our advisors for  the
   success of the debt placing."

    

   CONTACT                                   
   For investor,  analyst  and  financial   For media enquiries:
   media enquiries:
   Investor Relations                       Global Ports Holding
   Martin Brown                             Ceylan Erzi
   Telephone: +44 (0) 7947 163687           Telephone: +90 212 244 44 40
   Email:                                   Email:
    1 martinb@globalportsholding.com         2 ceylane@globalportsholding.com
                                             
                                             
                                             
                                             
                                             
                                             

    

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00BD2ZT390
   Category Code: IOD
   TIDM:          GPH
   LEI Code:      213800BMNG6351VR5X06
   Sequence No.:  274703
   EQS News ID:   1737449


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:martinb@globalportsholding.com
   2. mailto:ceylane@globalportsholding.com


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