Global Ports Eyes USD 350 Mn in Fresh Funds

Global Ports Investments, an operator of container terminals in the Russian market, has issued USD 350 million of Eurobonds, maturing in September 2023.

The company said that the move is in line with the group’s strategy “to further diversify its sources of funding.”

The net proceeds from the offering will be used for the repayment of existing group debt.

The bonds, issued by Global Ports Investments’ subsidiary Global Ports, have a coupon rate of 6.5% per annum paid semi-annually.

At the end of September 2016, the share of public borrowings in the company’s debt portfolio is expected to exceed 80%, while the share of fixed-rate borrowings is expected to exceed 95%.

Global Ports operates or has joint venture interests in five container terminals in Russia, including Petrolesport, First Container Terminal, Ust-Luga Container Terminal and Moby Dik in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East.

The company’s operations also include interests in two container terminals in Finland, two inland container terminals near St. Petersburg, and a 50% stake in the major oil products terminal AS Vopak E.O.S. in Estonia.

Global Ports’ consolidated revenue for the first half of 2016 was USD 163.7 million, while the total marine container throughput stood at 771 thousand TEU in the first half of 2016.

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