Global Ports Holding (GPH), the world's largest cruise port operator and a subsidiary of Global Investment Holding (GYH), signed a five-year loan agreement with a foreign strategic investor.
GYH and GPH Chairman Mehmet Kutman said, “We continue our strategy to reduce the debt of the group with firm steps. While the interest rate of the Eurobond in question was 8.125 percent, we reduced our annual interest cost to 5.25 percent as a result of our new loan agreement. "Considering the current economic conditions, we are completing a successful agreement." GPH CEO Emre Sayın stated that the loan agreement was an important step in improving the financial structure of the company and said, “2020 was a year full of uncertainties. 2021 continues with hope, ”he said.
Global Ports Holding (GPH), the world's largest cruise port operator, which is a subsidiary of Global Investment Holdings (GYH) and has a portfolio of 4 cruise ports in 13 countries on 19 continents, continues its strategy to reduce its debt. Explaining that it has signed a five-year loan agreement with a foreign strategic investor, GPH explained that the completion of the agreement depends on fulfilling certain prerequisites. Although it is not possible to make a definitive statement regarding the timing of the loan usage, the transaction is expected to be completed before the end of June 2021. GPH plans to issue warrants as collateral to the creditor under the agreement. The resource to be created with the loan will first be used for the redemption of Global Liman İşletmeleri, a subsidiary of GPH, before its maturity date and under reasonable market conditions, of the Eurobond with a maturity of November 2021 issued abroad. The resource to be obtained from this transaction also offers the potential for flexible financing solutions to support GPH's strategy to increase its cruise focus.
We are completing a successful deal
Expressing that they continue the strategy of reducing the debt of the Group with firm steps, GYH and GPH Chairman Mehmet Kutman said, “While the interest rate of the Eurobond in question was 8.125 percent, we reduced our annual interest cost to 5.25 percent as a result of our new loan agreement. "Considering the current economic conditions, we are completing a successful agreement." Kutman said, “Despite the impact of the pandemic on the global tourism industry, our long-term positive perspective on cruise tourism, which is the most popular segment of tourism, continues. Since this point of view is supported by the markets, we make a new agreement in favorable financial conditions and see the investor interested. “We will continue to strengthen our position as the world's largest cruise port operator”.
2021 continues with hope
Speaking about the agreement, GPH CEO Emre Sayın stated that the loan agreement is an important step in improving the financial structure of the company and said, “Passengers have started to come to our cruise ports. The vast majority of them will meet their passengers in the next few weeks. 2020 was a year full of uncertainties. 2021 continues with hope, ”he said.
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