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Golden Triangle plc – Details of New Bond Issue

Jonathan Falzon

June 10, 2025

10 June, 2025
7 min read
10 June, 2025
7 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 9 June 2025, Golden Triangle plc published a Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of €42 million 5.30% secured bonds maturing in 2030. Golden Triangle plc is the finance arm of Gilded Triumvirate LP (the Guarantor), established under the laws of the British Virgin Islands. The Guarantor currently owns two nearby hotels at Beverly Hills, California, which were bought in February 2025 for a total consideration of USD41.75 million. Following and subject to the completion of the bond issue, the Guarantor will also own a prime office block valued at USD100 million that is adjacent to one of the hotels. Effectively, the existing office block owner (the Gores Group) will contribute the holding company of the office block in exchange for a 60% stake in the Guarantor. The Gores Group will also receive an additional USD18 million cash payment as part of this transaction.

The salient details of the new bond issue are as follows:

Coupon:

5.30%

Amount Offered:

€42 million (nominal)

Issue Price:

100% (par)

Maturity:

4 July 2030

Interest Payment Date:

Annually on 4 July (first interest payment date is 4 July 2026)

Ranking of the Bonds:

The bonds will constitute the general, direct, secured, and unconditional obligations of the Issuer. The secured bonds will be guaranteed in respect of both the principal amount and interest due thereon by the Guarantor. The Guarantor’s obligations under the Guarantee shall rank pari passu with all its other unsecured and unsubordinated obligations. The bonds will be secured by a senior priority mortgage encumbering the two hotel properties owned by GT Hotel Owner LLC, namely Maison 140 Hotel and the Mosaic Hotel for the repayment of the nominal value of outstanding secured bonds and interest accrued thereon.

Use of Proceeds:

The aggregate proceeds from the bond issue will be used by the Group as follows:

  • €15.9 million (USD18 million) to be paid to the Gores Group pursuant to the Office Contribution and Inducement Agreement, under which the Gores Group will contribute ownership of the Office Block to GT Office Owner LLC, a wholly owned subsidiary of the Guarantor.
  • €23.7 million (USD26.75 million) refinancing of the hotel vendors’ loan.
  • €2.4 million for general corporate funding purposes.

Plan of Distribution:

The secured bonds are open for subscription to all categories of investors and the entire amount of €42 million has been reserved for subscriptions by Authorised Financial Intermediaries.

Offer Period:

10 June to 27 June 2025 (or earlier in case of over-subscription)

Minimum Subscription Amount:

€2,000 (nominal) and in multiples of €100 thereafter

Listing:

Official List of the Malta Stock Exchange

Expected Listing Date:

11 July 2025

Download:

Prospectus dated 6 June 2025

Fact Sheet dated 10 June 2025

Investor Presentation

 

Disclaimer:

This webpage has been prepared based on the Prospectus dated 6 June 2025 issued by Golden Triangle plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect 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.

Investors wishing to acquire the Bonds should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Prospectus is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. Prospective investors are urged to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

This advertisement has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited, a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta, and having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 9 June 2025, Golden Triangle plc published a Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of €42 million 5.30% secured bonds maturing in 2030. Golden Triangle plc is the finance arm of Gilded Triumvirate LP (the Guarantor), established under the laws of the British Virgin Islands. The Guarantor currently owns two nearby hotels at Beverly Hills, California, which were bought in February 2025 for a total consideration of USD41.75 million. Following and subject to the completion of the bond issue, the Guarantor will also own a prime office block valued at USD100 million that is adjacent to one of the hotels. Effectively, the existing office block owner (the Gores Group) will contribute the holding company of the office block in exchange for a 60% stake in the Guarantor. The Gores Group will also receive an additional USD18 million cash payment as part of this transaction.

The salient details of the new bond issue are as follows:

Coupon:

5.30%

Amount Offered:

€42 million (nominal)

Issue Price:

100% (par)

Maturity:

4 July 2030

Interest Payment Date:

Annually on 4 July (first interest payment date is 4 July 2026)

Ranking of the Bonds:

The bonds will constitute the general, direct, secured, and unconditional obligations of the Issuer. The secured bonds will be guaranteed in respect of both the principal amount and interest due thereon by the Guarantor. The Guarantor’s obligations under the Guarantee shall rank pari passu with all its other unsecured and unsubordinated obligations. The bonds will be secured by a senior priority mortgage encumbering the two hotel properties owned by GT Hotel Owner LLC, namely Maison 140 Hotel and the Mosaic Hotel for the repayment of the nominal value of outstanding secured bonds and interest accrued thereon.

Use of Proceeds:

The aggregate proceeds from the bond issue will be used by the Group as follows:

  • €15.9 million (USD18 million) to be paid to the Gores Group pursuant to the Office Contribution and Inducement Agreement, under which the Gores Group will contribute ownership of the Office Block to GT Office Owner LLC, a wholly owned subsidiary of the Guarantor.
  • €23.7 million (USD26.75 million) refinancing of the hotel vendors’ loan.
  • €2.4 million for general corporate funding purposes.

Plan of Distribution:

The secured bonds are open for subscription to all categories of investors and the entire amount of €42 million has been reserved for subscriptions by Authorised Financial Intermediaries.

Offer Period:

10 June to 27 June 2025 (or earlier in case of over-subscription)

Minimum Subscription Amount:

€2,000 (nominal) and in multiples of €100 thereafter

Listing:

Official List of the Malta Stock Exchange

Expected Listing Date:

11 July 2025

Download:

Prospectus dated 6 June 2025

Fact Sheet dated 10 June 2025

Investor Presentation

 

Disclaimer:

This webpage has been prepared based on the Prospectus dated 6 June 2025 issued by Golden Triangle plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect 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.

Investors wishing to acquire the Bonds should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Prospectus is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. Prospective investors are urged to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

This advertisement has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited, a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta, and having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.