24th May 2021 15:52
Global Ports Holding PLC - London, Istanbul and Barcelona-based cruise port operator - Enters senior secured loan agreement for up to USD261 million with investment firm Sixth Street. The loan package is made up of a five-year term facility of USD186.3 million and an additional five-year growth facility for up to USD75.0 million. The loan will be used to refinance a senior unsecured eurobond that was issued by wholly owned subsidiary Global Liman Isletmeleri AS and carried an 8.125% coupon. The new facility will have a range of interest payment options from all-cash to partial or full payment-in-kind.
The loan agreement includes Global Ports issuing Sixth Street with warrants representing 9.0% of its fully diluted share capital, plus warrants for up to a further 3.75% if the growth facility is drawn upon. The warrant issue is subject to a general meeting of shareholders that Global Ports has called for June 9.
"This timely financing arrangement and partnership, not only secures our current financing needs for the next five years, it gives us the financial flexibility to take advantage of a significant pipeline of growth opportunities," says Mehmet Kutman, co-founder and chair of Global Ports.
Current stock price: 128.50 pence, down 0.8% on Monday
Year-to-date change: up 26%
By Tom Waite; [email protected]
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