Succesful Eurobond debut of US$250mn by Global Ports Holding
17 November 2014
It is our great pleasure to announce that Global Liman İşletmeleri A.Ş. (Global Ports Holding or GPH or the Company) has successfully issued its debut Eurobond with demand in excess of the targeted deal size. Although the book allowed to issue at the initial target of US$275 million at the desired price, in the light of feedback received from various investors in connection with the leverage ratios during the roadshow held between 29 October 2014 and 5 November 2014, the Company elected to take a conservative approach and scaled down the issue size to US$250 million with the participation of 56 select institutional investors.
The proceeds will be used to extend the maturity of the debt stock from the current 4.5 years to 7 years with c. US$50mn slated for potential acquisitions, particularly in cruise operations in order to further foster inorganic growth.
GPH holds 27-year port operation rights for four cruise terminals at the Barcelona Cruise Port and an annual operating license contract for the fifth cruise terminal, as well as 80% interest in the port operating rights for the Malaga Cruise Port and 40% interest in the Singapore Cruise Port. In December 2013, GPH finalized the acquisition of 62% of the Port of Bar in Montenegro and recently took over the operating rights of the cruise terminal in Lisbon, Portugal as a majority leader of a consortium. GPH stands proud to be the only Turkish operator of international ports, and with the latest addition of the Ports of Barcelona, Malaga and Singapore, commands a total passenger traffic of GPH of 4.2mn per annum.
