4.00% STIVALA GROUP FINANCE P.L.C. 18.10.2027 (Secured)

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Stivala Group Finance plc - Prospectus dated 25 September 2017

THE ISSUER & STIVALA GROUP

Stivala Group Financ plc, the Issuer, was set up as the holding company and finance arm of the Stivala Group on 21 August 2017 and is the principal vehicle for further expansion of the Group’s hospitality business and mixed use developments.

Carmelo Stivala Group Limited, the Guarantor, was established in November 2013 and the majority of the shares in the Guarantor are owned by the Issuer. The Guarantor acts as the Group’s property holding company and owns almost all of the Group’s immovable property, which property is subsequently leased to and operated by other subsidiaries within the Stivala Group.

USE OF PROCEEDS

The proceeds from the Bond Issue, which net of Bond Issue expenses are expected to amount to approximately €44.38 million, was used by the Issuer for the following purposes:

  • €9.13 million to re-finance outstanding bank facilities with FimBank p.l.c. and Bank of Valletta p.l.c.;
  • €9 million to finance the acquisition of 196, Main Street, St Julian’s and development thereof into a block of luxury residential apartments;
  • €11.45 million to finance the acquisition of nine apartments, 19 garages and the remaining undivided share of an office at Qui Si Sana Boutique Apartments, Sliema;
  • €7.71 million will be utilised for the purpose of acquiring the property situated at Marguerite Mangion Street, St Julian’s;
  • €4.5 million shall be used to develop the proposed Azur Hotel in Gzira;
  • the remaining balance of the net Bond Issue proceeds equivalent to circa €2.6 million shall be applied towards the costs of acquisition of other properties in accordance with the Group’s business development strategy and/or to fund part of the Group’s ongoing capital expenditure on own properties.

STATUS

The Secured Bonds shall constitute the general, direct and unconditional obligations of the Issuer and shall at all times rank pari passu, without any priority or preference among themselves. The Secured Bonds shall be guaranteed in respect of both the interest due and the principal amount under said Secured Bonds by the Guarantor in terms of the Guarantee. In respect of the Guarantor, the Secured Bonds shall rank with priority or preference to all other present and future unsecured obligations of the Guarantor, save for such exceptions as may be provided by applicable law, and with first ranking and priority over the Security Property for the full amount of €45,000,000.

COUPON

4.00%

AMOUNT ISSUED

€45,000,000

ISIN CODE

MT0001601203

MATURITY

The bonds will mature at 100% (par) on 18 October 2027.

INTEREST PAYMENT

Annually on 18 October

XD DATE

03 October

LISTING

Official List

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