Mariner Finance plc - Details of New Bond Issue
On 23 November 2022, Mariner Finance plc published a Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of €44 million 5.00% unsecured bonds maturing in 2032. The salient details of the new bond issue are as follows:
Coupon:
5.00%
Amount Offered:
€44 million (nominal)
Issue Price*:
100% (par)
*Holders of the existing ‘5.30% Mariner Finance plc unsecured bonds 2024’ will benefit from a premium of 1.50% on the nominal value of the bonds (i.e €1.50 for every €100 nominal) when exchanging their current investment into the new bonds.
Maturity:
16 December 2032
Interest Payment Date:
Annually on 16 December (first interest payment date is 16 December 2023)
Ranking of the Bonds:
The bonds will constitute the general, direct, unconditional, and unsecured obligations of the Issuer and shall at all times rank pari passu, without any priority or preference among themselves and with other outstanding and unsecured debt of the Issuer, present and future, if any, save for such exceptions as may be provided by law. Furthermore, third party security interests may be registered which will rank in priority to the bonds against the assets of the Issuer for so long as such security interests remain in effect. The bonds would also rank after any future debts which may be secured by a cause of preference such as a privilege and/or a hypothec.
Use of Proceeds:
The net proceeds from the bond issue will be used as follows:
- €35.5 million for the refinancing of outstanding 5.30% Mariner Finance plc unsecured bonds through the exchange offer.
- €7.6 million for general corporate funding purposes.
Plan of Distribution:
Mariner Finance plc will allocate the bonds on the basis of the following policy:
- €35 million are reserved for subscriptions from holders of the existing ‘5.30% Mariner Finance plc unsecured bonds 2024’ through an exchange offer at €101.50 for every 100% (nominal). The 1.5% premium on the nominal amount held shall be settled in cash within 30 days from admission to listing of the new bonds.
- €9 million (and any amount not subscribed through the exchange offer) are being made available for subscription by the general public and for existing bondholders who may also apply for excess amounts (cash top-ups).
Minimum Subscription Amount:
€2,000 (nominal) and in multiples of €100 thereafter. No minimum subscription requirements apply for the exchange offer.
Listing:
Official List of the Malta Stock Exchange
Closure of Offer Period:
16 December 2022, or earlier as may be determined by the Issuer.
Expected Listing Date:
3 January 2023
Downloads:
Prospectus dated 21 November 2022
Disclaimer:
This webpage has been prepared based on the Prospectus dated 21 November 2022 issued by Mariner Finance 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.