Mediterranean Investments Holding plc - Details of New Bond Issue
On 2 July 2015, Mediterranean Investments Holding plc (MIH) published a Prospectus dated 1 July 2015 in connection with a new €20 million bond issue. MIH is offering a preferential allocation to holders of the 7.5% MIH 2015 Bonds (“Maturing Bonds”). The salient details of the new Bond issue are as follows:
Coupon:
5.5%
Amount Offered:
€20 million
Issue Price:
100% (par)
Interest Payment Date:
Annually on 31 July (first interest payment date is 1 August 2016)
Maturity:
The bonds will mature at 100% (par) on 31 July 2020.
Underwriting:
The bonds will be fully underwritten by the shareholders of MIH, namely Corinthia Palace Hotel Company Limited (CPHCL), National Real Estate Company KSCP (NREC) and Libya Projects General Trading And Contracting Company (LPTACC).
Status:
Unsecured and Guaranteed
The Bonds shall constitute the general, direct, unconditional and unsecured obligations of the Issuer and shall be guaranteed in respect of both the interest and the principal amount due under the Bonds by Corinthia Palace Hotel Company Limited (CPHCL), the Guarantor, and shall at all times rank pari passu, without any priority or preference among themselves and with other outstanding and unsecured debt of the Issuer and Guarantor, present and future.
Use of Proceeds:
The net proceeds from this Bond issue, which are expected to amount to approximately €19.5 million after issuance costs, will be used by MIH to finance the redemption of the outstanding €19,649,600 of the Maturing Bonds. Any shortfall will be financed from the Issuer’s general cash flow.
Deadline for Holders of Maturing Bonds:
Friday 17 July 2015 at 08:30 hrs with applications for a minimum of €2,000 and in multiples of €100 thereafter.
Deadline for Other Preferred Applicants:
Friday 17 July 2015 at 08:30 hrs with applications for a minimum of €2,000 and in multiples of €100 thereafter.
Other preferred applicants comprise other MIH bondholders as well as holders of bonds issued by International Hotel Investments plc and Corinthia Finance plc.
Intermediaries’ Offer (if any):
Tuesday 21 July 2015 at 08:30 hrs with applications for a minimum of €2,000 and in multiples of €100 thereafter.
In the event that the total amount of Applications received from Maturing Bondholders and/or holders of existing MIH, International Hotel Investments plc and Corinthia Finance plc exceeds €20 million, the Intermediaries’ Offer will not take place.
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:
Mediterranean Investments Holding plc – Summary Note dated 1 July 2015
Mediterranean Investments Holding plc – Registration Document dated 1 July 2015
Mediterranean Investments Holding plc – Securities Note dated 1 July 2015
Mediterranean Investments Holding plc – Financial Analysis Summary dated 1 July 2015
This webpage has been prepared based on the Prospectus issued by Mediterranean Investments Holding plc dated 1 July 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.
Rizzo, Farrugia & Co. (Stockbrokers) Ltd acted as Sponsor to the Mediterranean Investments Holding plc Bond Issue.