International Hotel Investments plc announced a new €30 million 10-year bond issue at a coupon of 6.25% per annum. The bonds have a final maturity date of 10 July 2019 but may be redeemed anytime between 11 July 2015 and 9 July 2019. The Issuer also reserves the right to increase the amount up to a further €5 million in the event of over-subscription. Interest is payable annually on 10 July with the first payment date being 10 July 2010.
IHI is reserving €10 million worth of bonds at pre-placement stage for Preferred Applicants (i.e. shareholders and bondholders of International Hotel Investments plc as well as bondholders of Corinthia Finance plc and Mediterranean Investment Holdings plc). The pre-placement exercise is taking place on Friday 26 June 2009 and preferred applicants may submit an application for a minimum of €1,000 (nominal) and in multiples of €100 thereafter. Subscriptions from preferred applicants may not exceed €100,000. Meanwhile, minimum subscriptions at pre-placement stage from other investors are at €2,500 (nominal) and also in multiples of €100.
The General Public Offer opens on Tuesday 30 June 2009 and closes on Friday 3 July 2009 or earlier in the event of over-subscription. Applications during the General Public offer are for a minimum of €1,000 (nominal).
International Hotel Investments plc has submitted an application for the new bonds to be admitted to the Official List of the Malta Stock Exchange.