International Hotel Investments plc - Details of New Bond Issue

On 28 September 2023, International Hotel Investments plc published a Prospectus in relation to a new €60 million bond issue maturing in 2033. The salient features of the new bonds are as follows:



Amount Offered:

€60 million

Issue Price:

100% (par)

Interest Payment Date:

Annually on 14 November (with the first interest payment date being 14 November 2024)

Maturity Date:

14 November 2033

Use of Proceeds:

The net proceeds from the bond issue, estimated at €59.2 million after issuance costs, will be used by the Group for the following purposes, in the amounts and order of priority set out below:

  • €10 million for the redemption and cancellation of the 5.8% IHI plc 2023 unsecured bonds redeemable on 14 November 2023, by way of maturing bond transfer and redemption of any remaining bonds in issue.
  • €35 million for the redemption and cancellation of the 6.0% IHI plc 2024 unsecured bonds redeemable on 15 May 2024, by way of maturing bond transfer and redemption of any remaining bonds in issue.
  • €14.2 million for general corporate funding purposes of IHI.

Status & Ranking:

The bonds will constitute the general, direct, unsecured, and unconditional obligations of the Issuer and will, at all times, rank pari passu, without any priority or preference among themselves and with other unsecured debt of the Issuer, present and future, if any.

This means that any secured or privileged debts of the Issuer will rank at all times ahead of the obligations of the Issuer under the bonds, as a result of which bondholders may not be able to recover in full or in part their investment in the bonds in the case of insolvency or an equivalent situation, whether in full or in part.

Furthermore, subject to a negative pledge clause found in the Prospectus dated 26 September 2023, third-party security interests may be registered which will rank in priority to the Bonds against the assets of the Issuer, as the case may be, for so long as such security interests remain in effect, which registration may further impede the ability of bondholders to recover their investment upon enforcement of such security interests, whether in full or in part.

Plan of Distribution:

The bonds will be allocated according to the following order of preference:

  1. Maturing Bondholders up to the amount of Maturing Bonds held as at the Cut-off Date and subject to any Cash Top-Ups as and if applicable.
  2. Existing IHI Bondholders (including additional amounts from Maturing Bondholders), IHI Shareholders, CPHCL bondholders, MIH bondholders, and Corinthia Group Personnel, for an amount of up to €15 million of the Bond Issue together with the balance of the Bonds not subscribed for by Maturing Bondholders limitedly by means of a Maturing Bond Transfer including any Cash Top-Up.
  3. Authorised Financial Intermediaries through an Intermediaries’ Offer in respect of any balance of Bonds not subscribed to by Maturing Bondholders, Preferred Applicants, and Corinthia Group Personnel.

Closure of Offer Period:

26 October 2023 at 14:00 hrs (or earlier in case of oversubscription)

Minimum Subscription Amount:

€2,000 (nominal) and in multiples of €100 thereafter.


Official List of the Malta Stock Exchange


Fact Sheet dated 29 September 2023



This webpage has been prepared based on the Prospectus dated 26 September 2023 issued by International Hotel Investments 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