International Hotel Investments plc - Bond Issue Allocation Policy

On 17 March 2025, International Hotel Investments plc (IHI) announced the basis of acceptance and allocation policy in relation to the offer of €35 million 5.30% unsecured bonds redeemable in 2035.

In total, IHI received 3,771 applications for a total value of €51.7 million. As a result of the over-subscription, the offer was closed ahead of schedule. Holders of the €45 million 5.75% International Hotel Investments plc 2025 bonds who exercised their preference to exchange their maturing bonds into the new bonds amounted to €31.8 million,70.8% of the nominal outstanding. Furthermore, maturing bondholders settled the amount of €1.4 million in cash top-ups to comply with the minimum application of €2,000. All these applications were allotted in full.

Maturing bondholders also applied for an additional €18.5 million in excess of their amounts held in the maturing bonds and additional to cash top ups. These additional amounts applied for by maturing bondholders have been allocated at 9.408%, rounded to the nearest €100, which amounts to €1.74 million.

IHI noted that refunds of unallocated amounts will be made by 24 March 2025 whilst interest on the new bonds will commence accruing on 1 April 2025. The new bonds are expected to be admitted to listing on the Malta Stock Exchange on 28 March 2025 and trading is expected to commence on 1 April 2025. Meanwhile, by 1 May 2025, maturing bondholders who surrendered their existing holdings in exchange for the new bonds will also be receiving the interest of the maturing bond for the period between and including 13 May 2024 and 31 March 2025 and the difference between 5.75% applicable to the maturing bonds and the interest rate of 5.30% applicable to the new bonds from and including 1 April 2025 up to and including 12 May 2025.