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Global Ports Holding PLC (GPH)
Global Ports Holding Plc
New senior secured loan agreement
Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that, it has signed a five-year senior secured loan agreement with an international, institutional investor.
The loan agreement remains conditional on a number of factors, which are expected to be satisfied before the end of June 2021. As part of the loan facility, the Company intends to issue warrants over its shares to the lender, which will become exercisable subject to certain events. Further details on the terms of this financing arrangement will be provided when it is appropriate to do so.
The net proceeds will be used to refinance the outstanding 8.125% senior Unsecured Notes due 2021 issued by GPH's wholly owned subsidiary Global Liman Isletmeleri A.S.
The loan agreement also provides for potential additional growth funding to provide flexible financing solutions for GPH's strategic objective of growing the number of cruise ports in its network.
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EQS News Service