Bahamas Investment Fund raises US$25M in equity for Nassau Cruise Port

   December 30, 2021 ,   Cruise Industry

Nassau Cruise Port Ltd announced that the BIF (Bahamas Investment Fund) equity offering, which sought to raise USD 25 million to support the port redevelopment project, had been successful.

The public offering, led by CFAL (Colina Financial Advisors Ltd.), was oversubscribed because of the overwhelming support from Bahamians. 3500+ investors applied for shares.

Mike Maura (Nassau Cruise Port's CEO) said the equity offering had been a once-in-a-lifetime investment opportunity, and they were thrilled that so many Bahamians had embraced it and affirmed confidence in the project through their participation.

“We are grateful to everyone who chose to put their hard-earned dollars into this project. Those who invested have not only contributed to the redevelopment of the port, but more broadly, are supporting the growth and future of our country. As a Bahamian, I cannot think of a better investment.”

According to Anthony Ferguson (CFAL's President), they were extremely pleased by the response from Bahamians in the BIF offering. Their team was reviewing applications and confirming details to complete the process. Shares would be allotted "using a bottom-fill approach so that as many applicants as possible will be confirmed as shareholders.”

Mr. Maura, Jr., noted that their projections showed that 2022 and 2023 would be very successful for the port, and beyond that, the outlook was extremely positive.

“The Nassau Cruise Port project’s success in raising $244 Million in debt financing during this pandemic and today’s successful BIF $25 Million equity offering highlights the great value proposition of our Bahamas. We truly have much to be grateful for. Let’s continue to work to make our Bahamas even better for our guests and for Bahamian generations to come.”

Nassau (Bahamas, New Providence Island)

The funds raised are to be used to complete the redevelopment of entertainment, shopping, recreational, and food and beverage spaces; complete marine construction work; as well as to support the design, engineering, development, and inspection-related costs of the project. The port's redevelopment will be completed by the 3rd quarter of 2022. Operations will continue without interruption during the building phases.