GPH Malta Finance plc, the finance arm of Global Ports Holding, a cruise port operator, has raised €18.1 million during a recent bond offer.
The company offered the market €25 million of 6.25 per cent unsecured bonds, maturing in 2030.
Since the offer was not fully subscribed, all applications were allocated in full.
Interest commenced on 10th March, and trading in the bonds on the Malta Stock Exchange commenced on 14th March.
Global Ports Holding operates 26 cruise ports around the world, including Malta’s Valletta Cruise Port.
The London-based group touts itself as “the world’s largest independent cruise port operator”, having a market share of 12 per cent.
Its portfolio of cruise ports is centred in the Mediterranean, but it is also present in Denmark, Singapore, and Vietnam.
In the Caribbean, the group has operations in Nassau (the Bahamas) and Antigua. In the coming months, it is expected to conclude another multi-million long term concession agreement for the San Juan Cruise Port which is located in Puerto Rico.
The majority of the funds raised from the bond issue shall be on-lent by the issuer to selected members of the group for the purposes of financing, in whole or in part, the group’s investments already committed, in respect of the Canary Island cruise ports, including Las Palmas; the Tarragona Cruise Port; the Kalundborg Cruise Port, and the Alicante Cruise Port.
The remainder will be used as general corporate funding.
Valletta Cruise Port CEO Stephen Xuereb is also Chief Operating Officer of Global Ports Holding.