On 27 July, International Hotel Investments plc announced its allocation policy in respect of its recent €55 million 4.0% 2026 secured bond offering. IHI received applications for a total of €148,389,400 – representing a bid-to-cover of well over two times. Applications amounting to €50,379,700 were received from shareholders, for whom IHI had reserved a total of €30 million of the bonds on offer. The balance of €98,009,700 were subscribed for by the general public.
Accordingly, applications submitted by eligible shareholders will be allocated the first €20,000 in full and 27.465% of the remaining balance rounded to the nearest €100. On the other hand, applications submitted by the general public will be allocated the first €1,000 and 20.357% of the remaining balance rounded to the nearest €100.
Interest on the Bonds will commence on 29 July 2016 and refunds of unallocated monies will be made by 3 August 2016. The bonds are expected to be admitted to listing on 5 August 2016 and trading is expected to commence on 8 August 2016.