GPH Global Ports Holding Plc

Global Ports Holding PLC (GPH) 
Update on discussions with financial stakeholders 
08-Feb-2021 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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Global Ports Holding Plc 
Update on discussions with financial stakeholders 
Global Ports Holding Plc ("GPH"), the world's largest independent cruise port operator, provides an update in 
connection with the refinancing (the "Refinancing") of the USD250,000,000 8.125% Senior Unsecured Notes due 2021 (the " 
Notes") issued by its wholly owned subsidiary Global Liman Isletmeleri A.S. (the "Issuer") announced by GPH on 7 
January 2021 and in respect of which the Practice Statement Letter was distributed on 19 January 2021. 
The spread of COVID-19 and the recent developments surrounding the global pandemic have had material negative impacts 
on all aspects of the Group's business and indeed at times during 2020 there was a complete suspension of cruise 
industry activity. This has resulted in high levels of cancellation and a suspension of cruise vessel sailings in most 
regions until conditions permit them to resume. As a result of these challenging trading conditions triggered by these 
events, the Group experienced a rapid negative impact on its business. 
The continued magnitude, duration and speed of the global pandemic, and the Group's ability to estimate the impact of 
such an event on its future prospects, is uncertain. The extent to which COVID-19 will continue to impact the Group's 
results will depend on future developments, which a cannot be predicted, including new information which may emerge 
concerning the severity of COVID-19 and the actions taken or being continued to contain it or treat its impact. The 
Group cannot predict when global cruise operations are likely to resume or when or if its cruise port operations will 
generate revenue at the levels observed before the onset of the pandemic. 
The entire aggregate principal amount of the Notes remains outstanding as of the date of this notice and will, together 
with accrued and unpaid interest and Additional Amounts (if any), become due on 14 November 2021 (the "Existing Notes 
Maturity Date"). Interest is due and payable on the Notes each 14 May and 14 November; the next interest payment on the 
Notes is due on 14 May 2021. 
As a result of the impact of the COVID-19 pandemic on the Group's liquidity, as described above, the Group does not 
expect to be able to repay the Notes (including accrued and unpaid interest and Additional Amounts (if any) thereon) in 
full on the Existing Notes Maturity Date. 
To this end, the Issuer announced on 7 January 2021 and in respect of which the Practice Statement Letter was 
distributed on 19 January 2021 that it is contemplating a scheme of arrangement (the "Scheme") in connection with the 
Refinancing. 
In connection with the Scheme, the Issuer has entered into discussions with certain key existing Noteholders (the 
"AHG") who collectively hold approximately 40% per cent of the outstanding Notes and have formed an ad hoc committee in 
order that they may evaluate the proposed Refinancing. 
This announcement is being made under the terms of confidentiality agreements between the Issuer and the individual 
members of the AHG, which require that the Company make public any material non-public information provided to them in 
the course of the negotiation. 
Current status of discussion 
No agreement has been reached with the AHG and on 4 February 2021 the Issuer received a counterproposal from the AHG, 
which it is currently considering. 
Additional information 
The Company refers to the updated Noteholder Presentation which has been uploaded to its website on 5 February 2021. 
CONTACT 
Alison Chilcott 
Email: alisonc@globalportsholding.com 
Martin Brown 
Email: martinb@globalportsholding.com 
Disclaimer: 
This notice does not constitute an offer to distribute, issue or sell, or a solicitation of an offer to subscribe for 
or purchase, any securities being offered in connection with the Refinancing or any other securities or right or 
interest therein in any jurisdiction in which such distribution, issue, sale or solicitation is not permitted and this 
notice may not be used for or in connection with an offer to, or the solicitation by, any person in any jurisdiction or 
in any circumstances in which such offer or solicitation is not authorised or to any person to whom it is unlawful to 
make such offer or solicitation. Accordingly, neither the securities being offered in connection with the Refinancing 
nor any other securities may be offered or sold directly or indirectly and neither this notice nor any prospectus, 
offering circular, form of application, advertisement, other offering or solicitation materials nor other information 
may be issued, distributed or published in any country or jurisdiction except in circumstances that will result in 
compliance with all applicable laws, orders, rules and regulations. 
No component of the securities issued pursuant to the Refinancing has been or will be registered under any relevant 
securities laws of Australia, Canada, Japan, New Zealand, South Africa, or other relevant jurisdictions. No public 
offering of securities will be made in Australia, New Zealand, South Africa, Canada, or Japan. 
The securities being offered in connection with the Refinancing have not been and will not be registered under the US 
Securities Act of 1933, as amended (the "US Securities Act") and the issuance thereof will be made pursuant to an 
exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. 
This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These 
forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", 
"estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, 
their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, 
future events or intentions. These forward-looking statements include all matters that are not historical facts and 
involve predictions. Forward-looking statements may and often do differ materially from actual results. Any 
forward-looking statements reflect the Issuer's current view with respect to future events and are subject to risks 
relating to future events and other risks, uncertainties and assumptions relating to the Issuer's business, results of 
operations, financial position, prospects, growth or strategies and the industry in which it operates. Forward-looking 
statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as 
required by law or regulation, the Issuer disclaims any obligation or undertaking to release publicly any updates or 
revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations 
or to reflect events or circumstances after the date of this announcement. 
No party accepts any responsibility or liability whatsoever for any loss or damage occasioned to any person arising out 
of the process described in this notice. 
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ISIN:          GB00BD2ZT390 
Category Code: SOA 
TIDM:          GPH 
LEI Code:      213800BMNG6351VR5X06 
Sequence No.:  93081 
EQS News ID:   1166474 
 
End of Announcement  EQS News Service 
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February 08, 2021 02:00 ET (07:00 GMT)

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