by Donald Wood
Last updated: 12:32 PM ET, Wed May 20, 2020
Officials representing the Nassau Cruise Port announced they had successfully raised over $130 million through its private bond offering.
According to The Tribune, Nassau Cruise Port CEO Mike Maura, Jr. and Colina Financial Advisors Ltd. (CFAL) confirmed the offering was oversubscribed and thanked investors and stakeholders for the support and confidence during the coronavirus outbreak.
"We wish to thank the many investors who recognize the national importance of this project and have given us their backing," Maura told The Tribune. "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 continued.
The Nassau Cruise Port redevelopment is scheduled to take place in three phases, starting with the demolition of current buildings and structures, which has already begun. The second phase starts within 60 days and involves completing the marine work and expanding berthing capacity.
During the third phase, the port will focus on the development of a new arrivals terminal and food and entertainment spaces, including a Junkanoo Museum, a retail marketplace, an amphitheater and more landside projects.
The $130 million bond offering will be used to support the work of the first two phases, and the port will look to raise more equity in the second quarter of 2021 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 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 continued.
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