Nassau Cruise Port Ltd. (Nassau Cruise Port) has announced that the Bahamas Investment Fund (BIF) equity offering, which sought to raise $25 million to support the cruise port redevelopment project, has been successful. The public offering, which was led by Colina Financial Advisors Ltd. (CFAL), was oversubscribed due to overwhelming support from Bahamians. Over 3,500 investors applied for shares.
“This equity offering was truly a once-in-a-lifetime investment opportunity, and we are thrilled that so many Bahamians embraced it and affirmed their confidence in the project through their participation,” said Mike Maura, Jr., CEO of Nassau Cruise Port Ltd. “We are grateful to everyone who chose to put their hard-earned dollars into this project. 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.”
Anthony Ferguson, President of CFAL, echoed Mr. Maura, Jr.’s sentiments and confirmed the next steps. “We’re extremely pleased by the response from Bahamians in the BIF offering. Our team is currently reviewing applications and confirming details to complete the process. As communicated previously, shares will be allotted using a bottom-fill approach so that as many applicants as possible will be confirmed as shareholders.” He added that, “We will maintain contact with investors regularly and will update them and the BIF website with pertinent information as it becomes available.”
“Our projections show that 2022 and 2023 will be very successful for the port, and beyond that, our outlook is extremely positive,” Mr. Maura, Jr., noted. “Nassau Cruise Port is well-positioned and prepared for growth, which our investors will certainly benefit from.”
“Mr. Maura added that the Nassau Cruise Port project’s success in raising $244 Million in debt financing during this pandemic and today’s successful BIF $25 Million equity offering highlights the great value proposition of our Bahamas. 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.”
The funds raised will be used to complete the redevelopment of recreational, entertainment, shopping, and food and beverage spaces; to complete marine construction work; and to support the development, design, engineering, and inspection related costs of the project. The redevelopment of the port will be completed by the third quarter of 2022. Operations at the port will continue without interruption during the construction phases.
Photo caption: Pictured from left to right are Mike Maura, Jr., CEO, Nassau Cruise Port Ltd.; Owen Wells, Director, Bahamas Investment Fund; Antoine Bastian, Director, Bahamas Investment Fund; Anthony Ferguson, President, CFAL; and Angelo Butler, Senior Financial Analyst, CFAL.