Nassau Cruise Port announced it had successfully raised USD 130+ million via its private bond offering launched on May 4 and closed on May 15, 2020.
The lead placement agent for the bond issue, Colina Financial Advisors Ltd, confirmed the offering was oversubscribed. The port facility's redevelopment is planned to occur in 3 phases, the first of which - involving the demolition of current structures and buildings - is underway.
The second phase commences within 60 days and involves the completion of marine works, which include an expansion of the berthing capacity of the port, upgrades to existing infrastructure, and material purchases.
In the third phase will be completed the landside works, including the new terminal and plaza, amphitheatre, retail Market Place, Junkanoo Museum, and other entertainment and food and beverage spaces.
The funds raised via the most recent bond offering will be used to support the work of the first two phases.
In the second quarter of next year, Nassau Cruise Port Ltd. will launch an initial public offering to raise equity through investment in the Bahamas Investment Fund and to raise additional debt to finalize the project.
Via the initial public offering, thousands of Bahamians will have the chance to invest in the Bahamas Investment Fund (BIF), facilitating Bahamian ownership in the project.