4.00% EXALCO FINANCE PLC 20.08.2028

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Exalco Finance plc - Prospectus dated 31 July 2018

THE ISSUER & THE GUARANTOR

Exalco Finance plc (the Issuer) and Exalco Properties Limited (the Guarantor) are both owned by Exalco Holdings Limited. The Issuer is a financing vehicle and its purpose is the raising of finance for the Exalco group whose main operating entity is presently the Guarantor. The core business of Exalco Properties is commercial real estate, particularly business centres.

The Exalco group branched into real estate in the 1990s and today owns the following business centres:

  • Parklane Business Centre in Guardamangia
  • Mayfair Business Centre in St Julian’s
  • Cornerstone Business Centre in Mosta
  • Marina Business Centre in Ta’ Xbiex
  • Golden Mile Business Centre in St Julian’s
  • Phoenix Building in Santa Venera (acquisition to be completed in Q4 2018).

USE OF PROCEEDS

The net proceeds from the Bond issue, estimated at approximately €14.7 million after issuance costs, were on-lent to the Guarantor which, in turn, utilised these funds as follows:

  • €11.2 million were used to re-finance the Guarantor’s outstanding banking facilities held with HSBC Bank Malta plc which were originally utilised by the Guarantor to acquire and/or develop various properties and for capital expenditure purposes; and
  • the remaining balance of €3.5 million were used to support the Guarantor’s general financing requirements including but not limited to the acquisition and development of other immovable properties.

STATUS

The 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 amongst themselves. The Bonds shall be guaranteed in respect of both the interest due and the principal amount by the Guarantor in terms of the Guarantee. In respect of the Guarantor, the 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.

The Bonds will also be secured by a first-ranking special hypothec over the Marina Business Centre and the Mayfair Business Centre which are currently valued at €25.5 million.

Prospective investors are also urged to refer to the “Guarantee” contained in Annex II of the Securities Note forming part of the Prospectus for a description of the scope, nature and term of the Guarantee being provided by Exalco Properties Limited.

COUPON

4.00%

AMOUNT ISSUED

€15,000,000

ISIN CODE

MT0001911206

MATURITY

The bonds will mature at 100% (par) on 20 August 2028.

INTEREST PAYMENT

Annually on 20 August

XD DATE

01 August

LISTING

Official List

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