Grand Harbour Marina plc - Details of New Bond Issue

On 25 January 2010, Grand Harbour Marina plc announced a €10 million bond issue at a coupon of 7% per annum. The bonds have a final maturity date of 25 February 2020 but may be redeemed anytime between 25 February 2017 and 25 February 2020. The Issuer also reserves the right to increase the amount up to a further €2 million in the event of over-subscription.

Coupon

7%

Amount issued

€10,000,000 (with an over-allotment option of up to a further €2,000,000).

Issue Price

100% (par)

Interest Payment

Semi-Annually on 25 February and 25 August.

Maturity

The bonds will mature at 100% (par) on 25 February 2020 but may be redeemed also at par anytime between 25 February 2017 and 25 February 2020.

Subscription date for Preferred Applicants

Monday 8 February 2010

Preplacement

Monday 8 February 2010

General Public Offer Period

Thursday 11 February 2010 to Monday 15 February 2010 (or earlier at the Issuer’s discretion)

Minimum application for bonds

Preferred Applicants: €2,000 and in multiples of €100 thereafter.

Preplacement Stage: €10,000 and in multiples of €100 thereafter.

General Offer Stage: €2,000 and in multiples of €100 thereafter.

Listing

Official List of the Malta Stock Exchange

Use of Proceeds

The net proceeds, amounting to circa €10 million (or €12 million if the over-allotment option is exercised), will be utilised by the Issuer:

i) To prepay its current loan facility with HSBC amounting to €3.8 million.

ii) For further waterside and landside investment with the Grand Harbour Marina itself and also within Malta.

iii) To co-invest with Camper & Nicholsons in existing and new marinas outside of Malta, particulary in the Mediterranean region.

Downloads

Grand Harbour Marina plc – Prospectus

Grand Harbour Marina plc – Information Memorandum

Grand Harbour Marina plc – Presentation

Grand Harbour Marina plc – Brochure

Grand Harbour Marina plc – Authorisation to Apply Form


Should you be interested in obtaining a copy of our research note including our recommendation, kindly send us an email on info@rizzofarrugia.com.

Comments are closed.