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.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
Add Seatrade Cruise News to your Google News feed.  |
