Global Ports subsidiary Global Liman to buy up to $75 million of 8 1/8% notes

Chicago, April 7 – Global Ports Holding plc subsidiary Global Liman Isletmeleri AS launched an offer to buy up to $75 million of its $250 million 8 1/8% senior notes due in November 2021, according to a notice.

The maximum purchase price will be determined through a reverse unmodified Dutch auction process.

The offer ends at 11 a.m. ET on April 13.

The notes were downgraded and moved to distressed last September by Moody’s Investors Service and in January by Fitch Ratings.

Fitch reported that the company was entertaining the idea of a refinancing proposal to change the terms of the notes in January.

Details of the tender offer are not available to the press, but are available to investors on the Global Ports website (https://www.globalportsholding.com/gli-eurobond-financing-register.php).

Financing for the tender offer will come from funding that has not yet been received, but the group says that it is in the advanced stages of securing additional funding.

The tender offer is available to the Regulation S market.

The issuer is a cruise and commercial ports company based in Karakoy, Turkey. The subsidiary is part of Global Ports which is based in the United Kingdom and also has offices in Barcelona and Istanbul.

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