International Hotel Investments plc - New Bond Issue

On 28 February 2019, International Hotel Investments plc announced that it submitted an application to the Listing Authority of the Malta Financial Services Authority requesting the admissibility to listing of €20 million new 4% unsecured bonds maturing in 2026. The new bonds will be fully fungible with the existing €40 million IHI plc 4% unsecured bonds 2026, and the intended use of proceeds are for part-financing the redevelopment of the Corinthia Grand Astoria Hotel Brussels (€10 million) as well as the Group’s share of investment in a mixed-use real estate project located in Moscow (USD6 million). The latter comprises a ‘Corinthia’ branded hotel as well as residential apartments earmarked for resale. The remaining balance of the bond proceeds will be used for general corporate funding purposes.

IHI also noted that further information on the new bonds will be available after the issue of the necessary approval by the Listing Authority.