Global Ports redeems $16 mln in Eurobonds in put option triggered by change of control

MOSCOW. Oct 19 (Interfax) - Global Ports has redeemed Eurobonds totalling $15.93 million that were held by investors who exercised a put option for early redemption, the company said.

The put option was triggered by the change of control of the company. In September, Delo Group, which is owned by Sergei Shishkarev and Rosatom, increased its stake in Global Ports to 61.5% by acquiring 30.75% from APM Terminals.

After the redemption of bonds under the put option, $281.35 million worth of Eurobonds from this issue maturing in 2023, which originally totaled $350 million, remain outstanding, the company said.

Global Ports also said that most bondholders have exercised the direct payment option that was offered for the first time for the September 2022 coupon payment. The option was exercised by holders of bonds totaling $270.8 million. Global Ports made payments to holders of the remaining $26.44 million who have not opted for this option via the standard procedure by delivering funds to the principal paying agent, the company said.

"Global Ports will continue to offer the Direct Payment option to interested Noteholders for upcoming payments," the company said.

The coupon payment was due on September 22. The company received agreement for direct payments to local investors in a vote that concluded shortly before this date.