Hal Mann Vella Group plc - Details of New Bond Issue
On 2 July 2024, Hal Mann Vella Group plc published a Prospectus in relation to a new €23 million secured bond issue maturing in 2034, with the possibility of early redemption as from 2031. The salient features of the new bonds are as follows:
Coupon:
5.35%
Amount Offered:
€23 million
Issue Price:
100% (par)
Complex:
Yes, callable
Interest Payment Date:
Annually on 26 July (with the first interest payment date being 26 July 2025)
Maturity Date:
26 July 2034
Early Redemption Dates:
Any date falling between 26 July 2031 to 25 July 2034
Use of Proceeds and Plan of Distribution:
The new bond issue is being made available to Hal Mann Vella Group plc bondholders as at close of trading on 21 June 2024 through an Exchange Offer, through which holders of the 5.0% secured bonds maturing on 6 November 2024 have the option of surrendering all or part of the maturing bonds in exchange for an equivalent number of the new bonds. Any balances not subscribed by existing bondholders will be available through an Intermediaries’ Offer.
Through the new bond issue, Hal Mann will part-refinance the existing €30 million in outstanding bonds due for redemption on 6 November 2024, while the remaining balance is expected to be refinanced through bank borrowings.
Status & Ranking:
The bonds will constitute the general, direct, unconditional, and secured obligations of the Issuer, and shall rank pari passu between themselves. The Bonds will be secured by a first-ranking special hypothec for the full nominal value of the secured bonds and interest thereon over the Hypothecated Property which comprises ‘Site A’ and Site B’ within the Hal Mann Lija Property measuring a total of 18,300 square metres and include the Lija Factory as well as an undeveloped site measuring around 855 square metres located at Imgarr.
Moreover, bondholders will be granted a second-ranking general hypothec (which will become first-ranking following the redemption of the bonds maturing in 6 November 2024) for the full nominal value of the secured bonds and interest thereon over all the present and future property of the Issuer. The security package also includes the Pledge of Insurances.
Exchangeable Bond Transfer Period:
8 July to 19 July 2024 at noon
Minimum Subscription Amount:
No minimum subscription amount or cash top ups are applicable for the exchangeable bond transfer.
Listing:
Official List of the Malta Stock Exchange
Download:
Disclaimer:
This webpage has been prepared based on the Prospectus dated 28 June 2024 issued by Hal Mann Vella Group 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 Bond 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, 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 having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta