Global Ports Holding announced that it had issued $330 million of secured private placement notes to insurance companies and long-term asset managers at a fixed interest rate of 7.87 percent.

The notes have been given an investment grade credit by two rating agencies and will be fully paid off in 17 years, with an average time to maturity of around 13 years.

Most of the proceeds have been used to completely pay off the senior secured loan from Sixth Street, covering early repayment fees and accrued interest. The remaining funds from the Notes will mainly support Caribbean expansion efforts and cover transaction-related expenses.

 Global Ports Holding Plc, chairman and CEO Mehmet Kutman said: “I am delighted that we have reached an agreement with a number of insurance companies, all leading institutions in the private placement market. Our strategy and the effectiveness of our approach are firmly endorsed by the investment-grade credit ratings achieved for the Notes and we look forward to using this additional capital to continue to successfully expand our business. I would like to thank our investors for their support of GPH and our management team.”

 Global Ports Holding Plc, chief financial officer at Jan Fomferra, said: “The achievement of an investment grade credit rating for these Notes is a testament to the unique strength of our business model and supports our financing capacity. This financing arrangement will allow us to finance our anticipated investments in new port expansion projects while also lowering our interest expenses and lengthening the maturity profile of our debt. I want to also thank our investors as well as our advisors for the success of the debt placing.”