On 8 June, Mediterranean Investments Holding plc (MIH) announced that it has submitted an application to the Listing Authority for a new bond issue. The bond offering will amount to the equivalent of €30 million with an over-allotment option of a further €10 million in a combination of Euro, Sterling and US Dollar. The Bonds will mature in 2017 but may be redeemed early between 2015 and 2017.
Subject to regulatory approval, the proceeds from this bond issue will be used to finance the company’s participation in the Medina Tower development in Tripoli. Any unutilised funds will be applied to the general corporate funding purposes of MIH.
In the announcement, the Company explained that it has reserved €15 million of the offering for existing holders of Corinthia Group listed companies (shares and bonds of International Hotel Investments plc and bonds of Corinthia Finance plc and MIH) as at close of trading on 11 June 2010.