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Global Ports Holding PLC - London-based cruise port operator - Signs agreement with Puerto Rico Ports Authority to lease San Juan Cruise Port for 30 years. Global Ports will pay at least $425 million for the port. Firm will pay $75 million upfront to the Puerto Rican authority. Adds $100 million during the initial investment phase and $250 million during the second phase. The latter investment will be used to expand ‘the capacity of the cruise port by building a completely new cruise pier and state-of-the-art homeport terminal capable of handling the world's largest cruise ships at Piers 11 and 12’. Aims to modernise cruise port experience for passengers and cruise lines . Expects long-term financing via debt finance from US debt capital markets from US institutional investors.
States that the port had 1.8 million unique passengers in 2019.
Current stock price: 90.00 pence, up 0.7% on Wednesday
12-month change: down 26%
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