On 23 May, Mediterranean Investments Holding plc (MIH) announced that it has submitted an application to the Listing Authority of the Malta Financial Services Authority (MFSA) in connection with a new €40 million unsecured bond maturing in 2022 and guaranteed by Corinthia Palace Hotel Company Limited.
The Directors also resolved to redeem the outstanding 7.15% bonds denominated in three different currencies as follows: €28,519,400, GBP4,351,100 and USD7,120,300 (collectively, the “Maturing Bonds”) on 6 July 2017. The announcement further explained that the Issuer will be granting preference to holders of existing bonds as at the close of trading on 26 May 2017 to subscribe to the new bonds by surrendering their existing holding. Trading in the existing bonds will be suspended as from 25 May 2017.
Further details will be published by MIH following approval by the Listing Authority.