Global Ports unit gives results of offer to buy 8 1/8% notes due 2021

By Rebecca Melvin

Concord, N.H., April 19 – Global Ports Holding plc subsidiary Global Liman Isletmeleri AS announced the results of its offer to buy up to $75 million of 8 1/8% senior notes due November 2021, according to a notice.

The offer expired on April 16. Following an unmodified Dutch auction, the weighted average price of the notes validly tendered and accepted was $899.40 per $1,000 principal amount of notes.

The total amount of cash to be used is $44.7 million, excluding accrued interest.

Settlement is expected to occur on Monday, and following completion, $200.3 million of the notes will remain outstanding.

The issuer is a cruise and commercial ports company based in Karakoy, Turkey.

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