International Hotel Investments plc - Details of New Bond Issue

Tuesday, April 14th, 2015

On 14 April 2015, International Hotel Investments plc published a Prospectus dated 10 April 2015 in connection with a new €45 million bond issue. IHI is offering a preferential allocation to holders of the 6.25% IHI 2015/19 Bonds (“Maturing Bonds”). The salient details of the new Bond issue are as follows:

Coupon:

5.75%

Amount Offered:

€45 million

Issue Price:

100% (par)

Interest Payment Date:

Annually on 13 May (first interest payment date is 13 May 2016)

Maturity:

The bonds will mature at 100% (par) on 13 May 2025.

Status:

The Bonds constitute the general, direct, unconditional and unsecured obligations of the Issuer and shall at all times rank pari passu, without any priority or preference among themselves and with other unsecured debt.

Use of Proceeds:

The net proceeds from this Bond issue, which are expected to amount to approximately €44.1 million after issuance costs, will be used by IHI to finance the redemption of the outstanding €35 million of the Maturing Bonds as well as to part finance the consideration to be paid to the shareholders of Island Hotels Group Holdings plc in connection with the proposed acquisition of all its shares.

Deadline for Preplacement:

Wednesday 29 April 2015 at 08:30 hrs with applications for a minimum of €25,000 and in multiples of €100 thereafter.

Deadline for Holders of Maturing Bonds:

Thursday 30 April 2015 at 08:30 hrs with applications for a minimum of €2,000 and in multiples of €100 thereafter.

Deadline for General Public Offer:

Tuesday 4 May 2015 at 08:30 hrs with applications for a minimum of €2,000 and in multiples of €100 thereafter.

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 Prospectus including the Risk Factors contained in section 2 of the Registration Document and Securities Note. Prospective investors are urged to consult an independent financial adviser for advice prior to investing in the Bonds.

Downloads:

International Hotel Investments plc – Prospectus dated 10 April 2015

 

Should you be interested in obtaining a copy of our research note including our recommendation as well as an application form kindly send us an email on info@rizzofarrugia.com

 

This webpage has been prepared based on the Prospectus issued by International Hotel Investments plc dated 10 April 2015, 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.

 

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