On 7 October 2022, Mariner Finance plc announced that it entered into an agreement with its majority shareholder – Mariner Capital Ltd – pursuant to which Mariner Finance will acquire from Mariner Capital the entire issued share capital of SIA Mariner Logistics for a total consideration of €7.24 million. The transaction is conditional upon Mariner Finance obtaining the necessary financing and is expected to be concluded in Q1 2023.
The principal activity of SIA Mariner Logistics is the leasing of a property located in Latvia. Indeed, SIA Mariner Logistics has the right of use over a 31,500 sqm site located in the municipality of Mᾱrupe, Riga, Latvia, approximately one-third of which is developed into a warehouse building with office space, two auxiliary buildings, an engineering building, and a car park. The remaining portion of the site is currently undeveloped.
The site is strategically located within the territory of the Riga International Airport, with road connections to the Riga city centre, the Riga port, national highways, and the Baltic highway network. It is also in close proximity to the planned Rail Baltica project which will connect Riga International Airport to the Riga city centre and to other key cities in the Baltics.
New Bond Issue
In a separate announcement, Mariner Finance also revealed that it submitted an application to the MFSA requesting authorisation for admissibility to listing of up to €60 million unsecured bonds maturing in 2032.
Subject to regulatory approval, Mariner Finance will be inviting holders of the 5.3% unsecured bonds 2024 to subscribe for the new bonds by surrendering the corresponding amount of existing bonds in favour of the company. A premium, to be announced in due course, will be payable by Mariner Finance to the holders of existing bonds participating in the proposed exchange offer. Holders of the existing bonds will also be given preference to subscribe for the new bonds in excess of the amount corresponding to their existing holding. In addition, the new bonds will also be open for subscription by the general public subject to a minimum subscription amount of €2,000 (nominal).
Mariner Finance noted that it will provide further information on the new bonds following attainment of the necessary regulatory approval.