Mediterranean Investments Holding plc - Details of New Bond Issue
On 2 June 2022, Mediterranean Investments Holding plc published a Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of €30 million 5.25% unsecured and guaranteed bonds maturing in 2027. The salient details of the new bond issue are as follows:
Coupon:
5.25%
Amount Offered:
€30 million (nominal)
Issue Price:
100% (par)
Maturity:
6 July 2027
Interest Payment Date:
Annually on 6 July (first interest payment date is 6 July 2023)
Ranking of the Bonds:
The bonds constitute the general, direct, unconditional, and unsecured obligations of MIH, guaranteed jointly and severally by CPHCL Company Limited (formerly ‘Corinthia Palace Hotel Company Limited’), and will at all times rank pari passu, without any priority or preference among themselves and with other outstanding and unsecured debt of the Issuer and the Guarantor, present and future. Furthermore, subject to the negative pledge clause found in Section 6.8 – ‘Negative Pledge’ of the Securities Note, third party security interests may be registered which will rank in priority to the bonds.
Use of Proceeds:
The net proceeds from the bond issue, estimated at €29.5 million after issuance costs, will be used for refinancing part of the outstanding €40 million 5.0% unsecured bonds which are due for redemption on 6 July 2022.
Plan of Distribution:
The bonds are principally earmarked for subscription by holders of the maturing 5.0% MIH plc bonds as at close of trading on 26 May 2022. Any remaining amounts not subscribed for through the exchange offer will first be made available for subscriptions by: (i) holders of the maturing 5.0% MIH plc bonds, for any additional amounts applied for other than through the exchange offer; and (ii) holders of the 5.5% MIH plc 2023 unsecured bonds. Any remaining balance will be offered for subscription by Authorised Financial Intermediaries through Placement Agreements.
Minimum Subscription Amount:
€5,000 (nominal) and in multiples of €100 thereafter
Listing:
Official List of the Malta Stock Exchange
Closure of Offer Period:
21 June 2022
Expected Listing Date:
5 July 2022
Downloads:
Disclaimer:
This webpage has been prepared based on the Prospectus dated 31 May 2022 issued by Mediterranean Investments Holding plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is NOT intended to be and should NOT be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts NO responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.
Investors wishing to acquire the Bonds should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Prospectus is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. Prospective investors are urged to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.
This ADVERTISEMENT has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The Company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.