On 23 June, Mediterranean Investments Holding plc announced the allocation policy with respect to the recently issued €40 million 5% unsecured bonds maturing in 2022.
In total, the Company received 6,819 applications for a value of just under €82.7 million. Existing holders of the 7.15% MIH 2015/17 bonds in Euro, Pound Sterling and US Dollar who exercised their preference to exchange their respective maturing bonds with the new bonds amounted to €28.4 million, representing 71.08% of the maturing bonds. These amounts were allocated in full. On the other hand, additional amounts applied for by holders of the maturing bonds as well as applications received by holders of existing Corinthia bonds were allocated the first €1,000 and 12.586% on the remaining balance rounded to the nearest €100.
Refunds of unallocated amounts will be made by 3 July 2017 whilst interest on the new bonds will commence on 6 July 2017. The new bonds are expected to be admitted to listing on the Malta Stock Exchange on 5 July 2017 and trading is expected to commence on 6 July 2017.
Meanwhile, redemption of outstanding amounts on the maturing 7.15% MIH 2015/17 bonds together with payment of interest up to and including 5 July 2017 will be made on 6 July 2017.