Cruise port successful in raising $25 mil. via equity offering

Nassau Cruise Port Ltd. (NCP) has raised $25 million through 3,500 investors in its Bahamas Investment Fund (BIF) equity offering to support the cruise port redevelopment project, scheduled to be completed in 2022, has been successful.

NCP Chief Executive Officer Mike Maura Jr. said in a statement that the equity offering was a once-in-a-lifetime investment opportunity for Bahamians.

“We are grateful to everyone who chose to put their hard-earned dollars into this project,” said Maura.

“Those who invested have not only contributed to the redevelopment of the port, but more broadly, are supporting the growth and future of our country. As a Bahamian, I cannot think of a better investment.”

The offering was led by Colina Financial Advisors Ltd. (CFAL).

CFAL President Anthony Ferguson said applications are continuing to be reviewed.

“As communicated previously, shares will be allotted using a bottom-fill approach, so that as many applicants as possible will be confirmed as shareholders,” said Ferguson.

“We will maintain contact with investors regularly and will update them and the BIF website with pertinent information as it becomes available.”

According to Maura, the port’s projections show that 2022 and 2023 will be successful years for the cruise industry in The Bahamas.

He also revealed that the cruise port was successful in raising $244 million in debt financing during the pandemic, along with the successful raising of $25 million through the BIF.

“Nassau Cruise Port is well-positioned and prepared for growth, which our investors will certainly benefit from,” said Maura.

“We truly have much to be grateful for. Let’s continue to work to make our Bahamas even better for our guests and for Bahamian generations to come.”

According to the statement, the funds raised will be used to complete the port redevelopment project, which is scheduled to be completed by the third quarter of 2022. 

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source https://thenassauguardian.com/cruise-port-successful-in-raising-25-mil-via-equity-offering/