By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Nassau Cruise Port Ltd (NCP) was “oversubscribed” with over 3,500 investors for a $25m Bahamas Investment Fund (BIF) equity offering.

The NCP, in a statement to the media, said: “The BIF equity offering, which sought to raise $25m 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., chief executive officer of NCP.

“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’s sentiments and confirmed the next steps.

‘We’re extremely pleased by the response from Bahamians in the BIF offering,” he said.

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

Mr Maura added the port project’s success in raising $244m in debt financing during this pandemic and today’s successful BIF $25m equity offering highlights the great value proposition of The 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,” he said.

“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.”