The Port of Nassau in the Bahamas Has Begun a Major Transformation.
|Bahamas Port of Nassau To Undergo a Major Renovation and Expansion
A popular port on cruises departing from New York and New Jersey, Nassau in the Bahamas is making a massive investment to improve the cruise port. The Project which will be completed in 3 phases, the project has begun.
Nassau Cruise Port Ltd. (Nassau Cruise Port) is pleased to announce that it has successfully raised over $130 million through its private bond offering. The bond offering was launched on May 4 and closed on Friday, May 15, 2020. Colina Financial Advisors Ltd. (CFAL), the lead placement agent for the bond issue, has confirmed that the offering was oversubscribed.
Mike Maura, Jr., CEO of Nassau Cruise Port, shared his appreciation for the support and confidence of so many investors and stakeholders during these difficult times. “We wish to thank the many investors who recognize the national importance of this project and have given us their backing. 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.”
“During these unprecedented times,” he continued, “this essential project will put food on the table for many Bahamians who didn’t know how they were going to feed their families in the weeks and months to come.” A 2018 economic impact assessment conducted by KPMG concluded that the project would have a $300 Million impact on the Bahamian economy during the development phase and a $15.7 Billion contribution over the 25-year concession period.
The redevelopment of the port facility will occur in three phases. The first phase of the project, which involves the demolition of current buildings and structures, is underway. Phase two, commences within 60 days, and involves completing the marine works, which includes material purchases, an expansion of the berthing capacity of the port, and upgrades to existing infrastructure. In phase three, we will complete the landside works, including the new arrivals terminal and plaza, Junkanoo Museum, retail Market Place, amphitheater, and other food and beverage and entertainment spaces. The funds raised through the most recent bond offering will be used to support the work of phases one and two. In the second quarter of 2021, we will launch an initial public offering (IPO) to raise equity through investment in the Bahamas Investment Fund (BIF) and to raise additional debt to finalize the project. Through the IPO, thousands of Bahamians will have an opportunity to invest in BIF, facilitating broad-based Bahamian ownership in the project.
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