Mariner Finance plc - New Bond Issue

On 27 October 2022, Mariner Finance plc published further details in relation to its application to the MFSA requesting authorisation for admissibility to listing of up to €60 million unsecured bonds maturing in 2032. The company announced that the bonds will have a coupon of 5% with interest payable annually in arrears.

Subject to regulatory approval, Mariner Finance will reserve an amount of up to €40 million of the new bond issue for holders of the existing 5.3% unsecured bonds 2024 as at close of trading on 9 November 2022 to subscribe for the new bonds by surrendering the corresponding amount of existing bonds in favour of the company. A premium of 1.50% 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.

The remaining €20 million will be offered for subscription by the general public subject to a minimum subscription amount of €2,000 (nominal).

Mariner Finance noted that trading in the existing 5.3% unsecured bonds 2024 will be suspended following the close of trading on 9 November 2022 until further notice.

The company explained that it will provide further information on the new bonds following attainment of the necessary regulatory approval.