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Global Ports Holding PLC (GPH)
Global Ports Holding Plc
Trading Statement for the three months to 31 March 2021
Global Ports Holding Plc ("GPH Plc" or "Group"), the world's largest independent cruise port operator, today issues a trading update for the period from 1 January to 31 March 2021.
GPH Plc has changed its financial year-end to 31 March. The next audited financial statement will cover the 15-month period from 1 January 2020 to 31 March 2021 and will be released in July 2021. All figures included in this trading update for the calendar quarter Q1-2021 only are unaudited management accounts.
Key Financials and KPIs
During the period, GPH's wholly-owned subsidiary, Port Finance Investment Limited, launched a Scheme of Arrangement in connection with the refinancing of the $250,000,000 8.125% Senior Unsecured Notes due 2021 issued by Global Liman Isletmeleri A.S. Shortly after the period end, after a period of extensive engagement with noteholders, including certain key noteholders who formed an ad-hoc group, GPH withdrew from the Scheme process on 6 April 2021.
On 7 April 2021, Global Liman Isletmeleri A.S. launched a tender offer, which resulted in $44.7m excluding accrued interest, being spent on purchasing its own Eurobonds at an average price of $899.4 for each $1,000 of principal, thereby reducing the outstanding nominal Eurobond of Global Liman Isletmeleri A.S. to $200.3m.
On 17 May 2021 and 24 May 2021, GPH announced that it had entered a five-year senior secured loan agreement for up to $261 million with the leading global investment firm, Sixth Street.
The loan agreement remains conditional on a number of factors, which are expected to be satisfied shortly. As part of the financing arrangements, the Company intends to issue warrants over its shares to the lender, which will become exercisable subject to certain events. GPH is holding a general meeting today, 9 June 2021, related to the issuing of the warrants. More details can be found at the investor relations section of the company website www.globalportsholding.com.
The net proceeds from the loan will be used, inter alia, to refinance the outstanding Eurobond of 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.
At 31 March 2021 IFRS gross debt was $552.5m (Ex IFRS16 Gross Debt: $486.7m), compared to gross debt at 31 December 2021 of $556.0m (Ex IFRS16 Gross Debt: $487.4m) and net debt was $381.9m (Ex IFRS16 Net Debt: $316.0m) compared to net debt at 31 December 2020 of $456.5m (Ex IFRS16: $387.9m). At the end of March 2020, GPH had cash and cash equivalents of $170.7m, compared to $99.5m at 31 December 2020.
Global Ports Holding will provide a detailed update on current trading and outlook when it reports audited financial results for the 15 months to end March 2021 in July 2021.
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End of Announcement
EQS News Service