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Global Ports Holding issues $330m secured private placement notesGlobal Ports Holding issues $330m secured private placement notes

Cruise port operator Global Ports Holding issued $330m of secured private placement notes to insurance companies and long-term asset managers at a fixed coupon of 7.87%.

Mary Bond, Editor in Chief

October 3, 2023

1 Min Read
Credit: Seatrade Cruise News

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

The notes received an investment grade credit rating from two rating agencies and will fully amortize over 17 years, with a weighted average maturity of  around 13 years.

Additional capital

‘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,’ GPH Chairman & CEO Mehmet Kutman said.

CFO Jan Fomferra said the financing 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.’

Caribbean expansion

GPH’s Caribbean expansion continues with the company recently signing a 30-year concession with the St Lucia government to manage the destination's cruise operations. The infrastructure improvement elements of this project are aimed for completion in two years once construction begins.

GPH operates 27 cruise ports in 14 countries, serving over 15m passengers annually.

Read more about:

Global Ports Holding

About the Author

Mary Bond

Editor in Chief

Mary Bond is Group Director, Seatrade Cruise a division within Informa Markets and responsible for the Seatrade portfolio of global cruise events, print and online cruise publishing.

Mary is also the publisher and editor-in-chief of Seatrade Cruise News and Seatrade Cruise Review magazine.

Mary has worked in the shipping industry for 39 years, first for Lloyd’s Register of Shipping before joining Seatrade’s editorial team in 1985.

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