On 14 February, Corinthia Finance plc announced that it submitted an application to the Listing Authority of the Malta Financial Services Authority requesting the admissibility to listing of €7.5 million in bonds redeemable between 2019 and 2022
Subject to approval from the Malta Financial Services Authority, the new bonds will be listed on the Official List of the Malta Stock Exchange. The proceeds will be used for the general corporate funding purposes of the Corinthia Group, including the partial redemption of the €14.6 million 6.75% Corinthia Finance plc bonds which will mature on 8 April 2012. The Company will be granting holders of the 6.75% Corinthia Finance plc 2012 bonds preferential subscription to the new issue by surrendering the maturing bonds.
The new 10-year bonds to be issued by Corinthia Finance plc will have a nominal value of €1,000, they will be issued at par and will also be guaranteed by Corinthia Palace Hotel Company Limited. However, trading in the new bonds will take place on the Malta Stock Exchange in multiples of €1,000 subject to a minimum holding of €10,000.