On 2 November 2023, International Hotel Investments plc (‘IHI’) announced the basis of acceptance and allocation policy in relation to the offer of €60 million 6.00% unsecured bonds redeemable in 2033.
In total, IHI received 6,189 applications for a total value of €72.1 million. As a result of the over-subscription, the offer was closed ahead of schedule. Holders of the €10 million 5.8% International Hotel Investments plc 2023 and €35 million 6% International Hotel Investments plc 2024 bonds who exercised their preference to exchange their maturing bonds into the new bonds amounted to €5.94 million (59.4%) and €24.6 million (70.2%) respectively. As a result, there was a total exchange of €30.5 million (67.8%), all of which was allotted in full.
The remaining balance was allocated between preferred applicants which included existing bondholders applying in excess of their holding in Exchangeable Bonds, Corinthia Group personnel and holders of other IHI, MIH or CPHCL securities. Preferred applicants were allocated the first €5,000 in full and 44.2% of the remaining amounts rounded to the nearest €100. The total amount of preferred applications was €41.6 million of which 70.9% (€29.5 million) was allotted.
Refunds of unallocated amounts will be made by 9 November 2023 whilst interest on the new bonds will commence accruing on 14 November 2023. The new bonds are expected to be admitted to listing on the Malta Stock Exchange on 13 November 2023 and trading is expected to commence on 14 November 2023. Redemption of the outstanding 2023 bonds along with payment of the prevailing interest will also be made on 14 November 2023. Meanwhile, by 13 December, payment of the outstanding interest of the 6% International Hotel Investments plc 2024 bond for the period from 16 May 2023 up to 13 November 2023 will be made.