On 3 February 2023, GPH Malta Finance plc published a Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of €25 million 6.25% unsecured bonds maturing in 2030. The Issuer is a special purpose vehicle and acts as the financing arm of the Guarantor, Global Ports Holding plc, which is regarded as the world’s largest independent cruise port operator, with an established presence in the Caribbean, Mediterranean and Asia-Pacific regions.
The bonds are subject to a Suitability Assessment. Accordingly, they are only appropriate and/or suitable for investors who have the knowledge and experience to understand the risks that are specifically related to this type of financial instrument.
The salient details of the new bond issue are as follows:
€25 million (nominal)
10 March 2030
Interest Payment Date:
Annually on 10 March (first interest payment date is 10 March 2024)
Ranking of the Bonds:
The bonds will constitute the general, direct, unconditional, and unsecured obligations of the Issuer and shall be guaranteed in respect of both the interest due and the principal amount under said Bonds by the Guarantor. The Bonds will, at all times, rank pari passu, without any priority or preference among themselves and, save for such exceptions as may be provided by applicable law, without priority or preference to all present and future unsecured obligations of the Issuer. This means that any secured or privileged debts of the Issuer shall rank at all times ahead of the obligations of the Issuer under the Bonds, as a result of which the Bondholders may not be able to recover their investment in the Bonds in the case of insolvency or an equivalent situation, whether in full or in part. Furthermore, subject to the negative pledge clause, 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.
Use of Proceeds:
The net proceeds from the bond issue will be used as follows:
- €22 million will be on-lent via the Guarantor for financing (in whole or in part) the Group’s investments relating to new cruise port projects in respect of the Canary Island cruise ports, including Las Palmas; the Tarragona Cruise Port; the Kalundborg Cruise Port and the Alicante Cruise Port.
- €2.25 million for general corporate funding purposes.
Plan of Distribution:
The bonds will be made available for subscription to all categories of investors through an Intermediaries’ Offer.
Minimum Subscription Amount:
€2,000 (nominal) and in multiples of €100 thereafter.
Official List of the Malta Stock Exchange
Closure of Offer Period:
3 March 2023, or earlier as may be determined by the Issuer.
Expected Listing Date:
17 March 2023
This webpage has been prepared based on the Prospectus dated 1 February 2023 issued by GPH Malta 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.