Global Ports Holding (GPH), the parent firm of Valletta Cruise Port, has announced that it has received regulatory approval from the Malta Financial Services Authority for an unsecured bond issue of up to €15 million, carrying a coupon rate of 5.8 per cent.

The prospectus states that the bulk of the funds raised (€10 million) will be used to refinance the unsecured short-term loans used to part-finance the group’s equity contribution to the Nassau Cruise Port in the Bahamas. The remaining amount will be used for general corporate funding purposes.

The bonds will made available for subscription by Authorised Financial Intermediaries on their own account or for their clients, subject to a minimum subscription amount of €2,000.

This will be second time that GPH is tapping the Maltese capital market, after raising €18.1 million in 2023.

Valletta Cruise Port CEO Stephen Xuereb also serves as COO of Global Ports Holding.

Global Ports Holding is the world’s largest independent cruise port operator. It operates 33 cruise ports in 21 countries. In 2024, its controlling shareholder, Global Yatirim Holding, took the firm private and de-listed its shares from the London Stock Exchange, saying it is “convinced of the merits of the move.”

It reported €173 million in revenue in 2024, an amount that the company expects to markedly increase to €225 million for the current year. It generated €10 million in net profit in 2024, and forecasts a profit of €35 million in 2025, as per an investor presentation accompanying the prospectus. 

M.Z. Investment Services Ltd is the Sponsor, Manager and Registrar of the bond issue.