1923 Investments plc - Details of New Bond Issue
On 5 November, PTL Holdings plc issued a formal notice in connection with the issue of €36 million Unsecured Bonds.
Details of the new Bond issue are available below.
Coupon:
5.1%
Amount Offered:
€36 million
Issue Price:
100.00% (par)
Interest Payment Date:
Annually on 4 December (the first interest payment date is 4 December 2015)
Maturity:
The bonds will mature at 100% (par) on 4 December 2024.
Status:
The Bonds shall constitute the general, direct, unconditional and unsecured obligations of the Issuer, and shall rank pari passu, without any priority or preference, among themselves and with other unsecured debts, if any, of the Issuer.
Furthermore, the Issuer may, from time to time, without the consent of the Bondholders, create any other debt securities which may rank senior to the Bonds.
Use of Proceeds:
The net proceeds from the Bond issue, estimated at €35.3 million after issuance costs, will be principally used by the Issuer for the following purposes:
- the first €20 million to refinance a short-term bank facility with HSBC Bank Malta plc, which funds were used to partly finance the acquisition of SAD;
- to settle the remaining consideration due to the selling parties in relation to the acquisition of APCO (circa €4 million);
- to repay loans granted by Hili Ventures Limited (the parent company of the Issuer) used for the purchase of SAD and APCO (circa €8.4 million);
- to settle expenses incurred in the acquisitions of SAD and APCO (circa €1.6 million);
- to refinance €0.8 million in bank loans with HSBC Bank Malta plc and Banif Bank Malta plc; and
- the balance will be used for general corporate funding purposes of the Group (circa €0.5 million).
Deadline for Submission of Applications:
Pre-Placement: Wednesday 19 November 2014 at 08.30 hrs.
Preferred Applicants: Monday 24 November 2014 at 08:30 hrs.
General Public: Monday 24 November 2014 at 08:30 hrs.
Listing:
Official List of the Malta Stock Exchange
Disclaimer:
The value of investments may increase as well as decrease and past performance is not an indication of future performance. Prospective investors are urged to read the Risk Factors in the Prospectus. Prospective investors are urged to consult an independent financial adviser for advice prior to investing in the Bonds.
Downloads:
PTL Holdings plc – Summary Note dated 3 November 2014
PTL Holdings plc – Registration Document dated 3 November 2014
PTL Holdings plc – Securities Note dated 3 November 2014
PTL Holdings plc – Financial Analysis Summary dated 3 November 2014
PTL Holdings plc – Hili Ventures Company Profile
Corporate Website:
This webpage has been prepared based on the Prospectus dated 3 November 2014 issued by PTL Holdings plc, and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with regard to the accuracy of the data. This webpage is for information purposes only. It is not intended to be and should not be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.