NASSAU, BAHAMAS — Colina Financial Advisors Ltd (CFAL) has announced that it successfully refinanced the $134.4 million Nassau Cruise Port Ltd (NCP) bond this past Friday.
CFAL raised $145 million on behalf of the cruise port operator by refinancing its eight percent unsecured bond and issuing a six percent unsecured bond. The team accepted applications for the offering between April 17 – 28, 2023.
Executives of the cruise port anticipate that the refinancing will save the company about $3 million per year.
Over 300 investors participated in the opportunity including existing NCP bond subscribers. These investors were encouraged to make additional subscriptions during the offering, which were received on a first-come, first-served basis. The minimum investment required to buy into this time-sensitive offering was $50,000, with the option to invest in increments of $10,000 thereafter.
The first interest payment will occur on December 31, 2023. Investors will receive interest payments twice annually (in June and December) until the bond matures on June 30, 2040.
Angelo Butler, Senior Financial Analyst, confirmed that “Our target for the bond refinancing was $145 million, so we are extremely pleased with the response from the investment community. We want to thank the existing and new bond subscribers for their continued trust in CFAL, and to assure them that their assets will remain in the most capable hands until the bond matures.”
Nassau Cruise Port utilized the initial bond proceeds to transform the port into a world-class, family-friendly waterfront destination. The redevelopment effort included berth repairs & expansion and the creation of new attractions, entertainment, and food & beverage spaces to draw Bahamians and visitors to the reimagined downtown Nassau. The port project is anticipated to serve as a catalyst for further redevelopment of the area.
At the end of May, Nassau Cruise Port will celebrate its official grand opening with a series of events celebrating the best of The Bahamas.
