Global Ports Holding (GPH) announced that its wholly-owned subsidiary San Juan Cruise Port (SJCP) has reached the financial closing of the PPP Agreement and concluded the debt financing for the initial phase of its investment in San Juan Cruise Port, according to a press release.

This achievement marks the beginning of a journey to enhance the port’s infrastructure as well as San Juan’s position in the Caribbean cruise market.

Totaling $187 million, the financing has been secured through the issuance of long-term BBB- investment grade rated bonds, to the US municipal bond market and North American institutional investors.

SJCP will now initiate its plan to repair, rebuild and upgrade the infrastructure of San Juan Cruise Port per its PPP Agreement with the Puerto Rico Ports Authority (PRPA).

San Juan Cruise Port General Manager, Federico González-Denton, said: “We’re prepared to move forward. We have already established our command center in Old San Juan and hired personnel, 90 percent of whom are Puerto Rican. Additionally, we’ve onboarded top talent from the PRPA’s Maritime Bureau, ensuring a smooth transition as we assume management of the port.”

Global Ports Holding, Chairman and CEO, Mehmet Kutman, said: “We are delighted to welcome San Juan Cruise Port into the world’s largest cruise port network. As well as being a fantastic destination, San Juan is a strategically important port that is perfectly positioned to play a pivotal role in Eastern and Southern Caribbean itineraries for decades to come.

“The successful closing of this transaction represents a milestone for our company and for Puerto Rico. Everyone at GPH is looking forward to us delivering on our plans to bring the iconic San Juan Cruise Port to its rightful, pre-eminent position in the Caribbean cruise industry for the benefit of all Puerto Ricans.”

Global Ports Holding, Americas Regional Director, Mike Maura, said: “Our investment into this port will see hundreds of millions of dollars invested into San Juan Cruise Port, transforming the port infrastructure, and significantly improving the cruise port experience for passengers, while creating significant opportunities for local businesses to benefit from the expected growth in cruise passenger volumes.

“I would like to thank the Government of Puerto Rico and the Puerto Rico Ports Authority for their support throughout the negotiation process. We look forward to delivering a world-class cruise port that will benefit Puerto Ricans for many years to come.”