Golden Triangle plc - Details of New Bond Issue
On 9 June 2025, Golden Triangle plc published a Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of €42 million 5.30% secured bonds maturing in 2030. Golden Triangle plc is the finance arm of Gilded Triumvirate LP (the Guarantor), established under the laws of the British Virgin Islands. The Guarantor currently owns two nearby hotels at Beverly Hills, California, which were bought in February 2025 for a total consideration of USD41.75 million. Following and subject to the completion of the bond issue, the Guarantor will also own a prime office block valued at USD100 million that is adjacent to one of the hotels. Effectively, the existing office block owner (the Gores Group) will contribute the holding company of the office block in exchange for a 60% stake in the Guarantor. The Gores Group will also receive an additional USD18 million cash payment as part of this transaction.
The salient details of the new bond issue are as follows:
Coupon:
5.30%
Amount Offered:
€42 million (nominal)
Issue Price:
100% (par)
Maturity:
4 July 2030
Interest Payment Date:
Annually on 4 July (first interest payment date is 4 July 2026)
Ranking of the Bonds:
The bonds will constitute the general, direct, secured, and unconditional obligations of the Issuer. The secured bonds will be guaranteed in respect of both the principal amount and interest due thereon by the Guarantor. The Guarantor’s obligations under the Guarantee shall rank pari passu with all its other unsecured and unsubordinated obligations. The bonds will be secured by a senior priority mortgage encumbering the two hotel properties owned by GT Hotel Owner LLC, namely Maison 140 Hotel and the Mosaic Hotel for the repayment of the nominal value of outstanding secured bonds and interest accrued thereon.
Use of Proceeds:
The aggregate proceeds from the bond issue will be used by the Group as follows:
- €15.9 million (USD18 million) to be paid to the Gores Group pursuant to the Office Contribution and Inducement Agreement, under which the Gores Group will contribute ownership of the Office Block to GT Office Owner LLC, a wholly owned subsidiary of the Guarantor.
- €23.7 million (USD26.75 million) refinancing of the hotel vendors’ loan.
- €2.4 million for general corporate funding purposes.
Plan of Distribution:
The secured bonds are open for subscription to all categories of investors and the entire amount of €42 million has been reserved for subscriptions by Authorised Financial Intermediaries.
Offer Period:
10 June to 27 June 2025 (or earlier in case of over-subscription)
Minimum Subscription Amount:
€2,000 (nominal) and in multiples of €100 thereafter
Listing:
Official List of the Malta Stock Exchange
Expected Listing Date:
11 July 2025
Download:
Disclaimer:
This webpage has been prepared based on the Prospectus dated 6 June 2025 issued by Golden Triangle 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, 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.