Nassau port redevelopment project gets finance

2020-05-29T08:50:10+00:00 May 29th, 2020|Ports|

Nassau Cruise Port has raised over $130 mill through a private bond offering.

According to the local media outlet ‘The Tribune’, Nassau Cruise Port CEO, Mike Maura, Jr and Colina Financial Advisors (CFAL) confirmed that the offering was oversubscribed .

“We wish to thank the many investors who recognise the national importance of this project and have given us their backing,” Maura reportedly said. “We are also very grateful for the assistance of the Central Bank of The Bahamas and the Securities Commission of the Bahamas, whose extensive support helped to make this effort so successful.”

“Through construction and other requirements, our project will immediately produce much-needed jobs and support the creation of small and medium-sized businesses,” Maura added.

Nassau Cruise Port’s redevelopment is planned to take place in three phases, starting with the demolition of current buildings and structures, which has already begun. The second phase should start within 60 days and involves completing the marine work and expanding the berths.

Finally, the third phase will involve the development of a new arrivals terminal and food and entertainment areas, including a Junkanoo Museum, a retail marketplace, an amphitheatre and more landside projects.

The $130 mill raised will be used to support the first two phases. The port will seek to raise more equity in the second quarter of 2021 in order to complete the project.

“We received a considerable amount of interest from Bahamians who sought to participate in this phase of the fundraising but wanted to come in at a lower minimum threshold or to invest as a part of a group,” CFAL President, Anthony Ferguson, reportedly told The Tribune.

“We are considering alternative options that will give those who missed this opportunity a chance to invest with a slightly different framework. We’ll share that information once we have more details,” Ferguson concluded.

Nassau Cruise Port began operations in October, 2019 as part of a consortium comprising Global Ports Holding, the Bahamas Investment Fund, and the Yes Foundation.