Izola Bank plc - Application for a New Bond Issue
On 6 July 2022, Izola Bank plc announced that it submitted an application to the MFSA requesting authorisation for admissibility to listing of up to €14 million 5% unsecured subordinated bonds redeemable between 2027 and 2032.
Subject to obtaining regulatory approval, Izola Bank will be inviting holders of the €12 million 4.5% unsecured bonds 2025 (the “Exchangeable Bonds”) as at close of trading on 13 July 2022 to subscribe for the new bonds by surrendering the corresponding nominal value of the Exchangeable Bonds. In so doing, eligible bondholders will also benefit from a premium of 2.5% on the nominal value of the Exchangeable Bonds being surrendered.
Eligible bondholders will also have preference to subscribe for the new bonds in excess of the existing amount held in the Exchangeable Bonds. All applications for the new bonds will be subject to a minimum subscription amount of €10,000 (nominal). Any eligible bondholders whose holding in the Exchangeable Bonds is less than €10,000 may settle the difference by means of a cash top-up.
Meanwhile, the new bonds will be open for subscription by the general public through an Intermediaries’ Offer. Trading in the Exchangeable Bonds will be suspended as from 14 July 2022. Further information on the new bonds will be made available following attainment of the necessary regulatory approval.