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Global Ports Holding (GPH) successfully issued its debut $250mm Eurobond – IEG-Global Istanbul acted as independent debt advisor
Global Liman İşletmeleri A.Ş. (Global Ports Holding or GPH) successfully issued its debut $250mm 7NC4 bond offering (144A/Reg S) at a yield of 8.25%. This yield represents the lowest ever from a Turkish corporate in the ratings category, while the tenor of 7 years represents the longest tenor among the same group.
GPH tapped the bond after successfully completing a series of strategic acquisitions of key port assets (Barcelona Cruise Port, Lisbon Cruise Port, and commercial Port of Bar) over the last 12 months. Ahead of the pricing of the transaction, a comprehensive roadshow with institutional investors from the US, UK, Continental Europe, Middle East and Far East Asia was conducted.
The debut bond offering allows GPH to introduce the company’s profile with the international investor community and gives it access to a diversified and very liquid pool of capital, reducing dependency from local lending markets.
The team of IEG-Global, led by Managing Director Jan Fomferra, was instrumental for the successful bond issuance and provided critical support to GPH throughout the entire bond process, including the selection of bookrunners, debut rating process, bond structuring, as well as process management & coordination.
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