Commences operations at Saint Lucia Cruise Port

Global Ports Holding PLC (GPH) Commences operations at Saint Lucia Cruise Port 01-May-2024 / 07:00 GMT/BST Global Ports Holding Plc

Commences operations at Saint Lucia Cruise Port

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce the commencement of operations at Saint Lucia Cruise Port. On 9 August 2023, GPH finalised a 30-year concession agreement with a 10-year extension option. With the fulfilment of the final conditions, GPH has now commenced operations at the port.

Port investment

Under the terms of the concession agreement, GPH is set to invest up to USD 60 million on taking over existing indebtedness and capital expenditure into a material expansion and enhancement of the cruise port facilities at Saint Lucia Cruise Port. The CAPEX programme is expected to take ca. 24 months, whereas the existing indebtedness, transaction costs and customary reserve accounts in an amount of ca. USD 20 million have occurred as of closing. The financing of the majority of the investment is secured through a long-term (15 year), syndicated loan facility arranged by a leading regional bank with a total funding commitment of up to ca. USD 50 million.

This investment includes expanding and enhancing the existing berth in Point Seraphine, enabling the handling of the largest cruise ships in the global cruise fleet and increasing the port's capacity. Furthermore, GPH will also invest in transforming the retail experience at the cruise port, including the redevelopment of the Vendor's Arcade and the design and development of a new Fishermen's Village at Banannes Bay, offering an enticing area for local vendors. Upland development work at Soufriere Bay will also be carried out, including constructing a new amphitheatre and a designated food and beverage area.