Grand Harbour Marina plc announced that on 18 January 2010 the Listing Authority approved the listing of a new €10 million bond issue by the Company subject to an over-allotment option of €2 million. The bonds will be issued at par (€100) and will be redeemable in 2020 with an early redemption option between 25 February 2017 and 25 February 2020. GHM has applied for these new bonds to be admitted to the Official List of the Malta Stock Exchange.
GHM intends to use the proceeds of the bond issue to primarily repay the company’s current loan term facility. The Issuer also aims to use part of the proceeds to increase waterside and landside investments within the Grand Harbour Marina itself and within other parts of Malta and could also utilize some funds to invest in other marinas either locally or internationally possibly in conjunction with its major shareholder Camper & Nicholsons.
Grand Harbour Marina plc shareholders as at close of trading on 20 January 2010 together with holders of a berth licence within the Marina will be treated as Preferred Applicants.
The marina operator stated that a Prospectus (which has been approved by the Listing Authority) will shortly be published and submitted for registration within the Registrar of Companies. A formal notice shall also be issued by the Issuer providing further details as to the bond issue, date and availability of the Prospectus.