Mariner Finance plc - Details of New Bond Issue
On 4 June, Mariner Finance plc issued a formal notice in connection with the issue of €30 million Bonds with an over-allotment option of a further €5 million.
Details of the new Bond issue are available below.
Coupon:
5.3%
Amount Offered:
€30 million with an over-allotment option of a further €5 million
Issue Price:
100.00% (par)
Interest Payment Date:
Annually on 3 July (the first interest payment date is 3 July 2015)
Maturity:
The bonds will mature at 100% (par) on 3 July 2024.
Status:
The Bonds constitute the general, direct, unconditional and unsecured obligations of the Issuer, and shall at all times rank equally, without any priority or preference among themselves and with other unsecured debt, if any.
However, the indebtedness of the Group includes bank loans and a third party loan which are secured by a number of pledges and mortgages. These new bonds rank after these borrowings. In addition, the Bonds would also rank after any future debts which may be secured by a pledge, mortgage, privilege and/or hypothec.
Use of Proceeds:
The net proceeds from the Bond issue, estimated at €29.3 million after issuance costs (or €34.3 million in the event of exercise of the Over-Allotment Option), will be principally used by the Issuer for the following purposes:
i) the first €20 million (or €25 million in the event of exercise of the Over-Allotment Option) will be used to refinance the loan agreement taken out by a subsidiary of the Issuer to acquire BCT as part of a recent overall corporate restructuring exercise;
ii) the remaining €10 million will be used by the Issuer to fund other investments related to the core business of the Group, namely, the ownership and/or management of ports and/or storage or logistics facilities.
Deadline for Submission of Applications:
Placement: Thursday 19 June at 10.00 hrs.
General Public: Monday 23 June at 08.30 hrs.
Listing:
Official List of the Malta Stock Exchange
Disclaimer:
The value of investments may increase as well as decrease and past performance is not an indication of future performance. Prospective investors are urged to read the Risk Factors in the Prospectus. Prospective investors are urged to consult an independent financial adviser for advice prior to investing in the Bonds.
Downloads:
Mariner Finance plc – Prospectus dated 2 June 2014
Mariner Finance plc – Presentation to Financial Intermediaries
Corporate Website:
This webpage has been prepared based on the Prospectus dated 2 June 2014 issued by Mariner Finance plc, and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with regard to the accuracy of the data. This webpage is for information purposes only. It is not intended to be and should not be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.