On 15 September 2022, Izola Bank plc announced the basis of acceptance in relation to the offer of up to €14 million 5% unsecured subordinated bonds redeemable between 2027 and 2032.
Izola Bank received total applications amounting to nearly €16.2 million. All applications received from holders of the existing 4.5% unsecured bonds 2025 through an Exchangeable Bond Transfer and amounting to €6.98 million were allocated in full. In addition, Izola Bank received applications for a further €1.6 million from holders of the 4.5% unsecured bonds 2025, of which the Bank satisfied the first €25,000 plus 5.39% of the remaining amount, rounded to the nearest €100.
Meanwhile, amounts subscribed for by Authorised Financial Intermediaries through an Intermediaries’ Offer amounted to €7.59 million. These applications were scaled down proportionately by 20.926% to the reserved amount of €6 million.
The new bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on 16 September 2022 and trading is expected to commence on 19 September 2022. Interest on the bonds commences to accrue as from 15 September 2022.
Following the Exchangeable Bond Transfer, the outstanding amount of the 4.5% unsecured bonds 2025 dropped to just under €5.19 million. Trading in these bonds will resume as from 19 September 2022.