Global Ports Holding PLC (GPH)
Global Ports Holding Plc
Launches Eurobond tender offer
This announcement is for information purposes only and is not an offer to purchase or a solicitation of an offer to sell any securities. This announcement is not for distribution or publication in or into the United States of America or any other jurisdiction in which it would be unlawful to do so. The Offer is being made only to holders of the Notes who are non-U.S. persons outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended.
Global Ports Holding Plc ("GPH" or the "Group"), the world's largest independent cruise port operator, announces today that its wholly owned subsidiary Global Liman Isletmeleri A.S. (the "Offeror") has today launched an offer for up to $75.0 million of its $250,000,000 8.125% Senior Unsecured Notes due 2021.
The Offer is being made upon the terms and subject to the conditions set forth in the Tender Offer Memorandum, which is available at https://www.globalportsholding.com/gli-eurobond-financing-register.php. The maximum purchase price that will be accepted by the Offeror for the Notes, will be determined through a reverse Unmodified Dutch Auction process. The details for which are laid out in the Tender Offer Memorandum. The Offer commences on 7 April 2021 and will expire at 4.00pm on 13 April 2021, unless extended.
Rationale for the Offer
The purpose of the Offer is to enable the Offeror to acquire and cancel its outstanding Notes, thereby reducing the outstanding principal amount thereof and related interest expense, which is consistent with the Offeror's ongoing liability management objectives and its strategy to proactively address the upcoming maturity of the Notes.
The Group is currently in the advanced stages of securing additional liquidity which, if received, the Group intends to use to redeem outstanding Notes; however, there can be no assurance that such financing will be obtained prior to the maturity of the Notes or at all.
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