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Medbank 6% 2019-24 NEW BOND ISSUE


Mediterranean Bank plc announced the new bond issue of €15 million in unsecured bonds or GBP equivalent (Euro equivalent of €25 million in case of exercise of the Over-Allotment Option), with a coupon of 6% redeemable in 2024, at a nominal value of €100 per bond issued at par.

If you wish to apply for these bonds see information at the bottom of this article or apply by opening a CC Web Trader account now. (no deposit required)

Business Overview

Mediterranean Bank plc was established in June 2004 and as of July 2005 became a fully licensed Maltese credit institution, regulated by the Malta Financial Services Authority (MFSA).

In July 2009, Mediterranean Bank was acquired by new shareholders – a fund managed by AnaCap Financial Partners LLP, a UK private equity firm, and was recapitalised.

Today, Mediterranean Bank plc is a specialist bank operating seven branch locations across Malta, and offering a range of market leading savings products, and wealth management and investment services.

Use of Proceeds

The proceeds from the Bond Issue, which net of Issue expenses are estimated to amount to approximately €14,750,000 (or €24,650,000 in the case of exercise of the Over-Allotment option), will be used by the Issuer for the following purposes, in the amounts and order of priority set out below:

(i) a maximum amount of €15,000,000 of the proceeds from the Bond Issue will be used by the Issuer for the purpose of purchasing Exchangeable Bonds from Existing Bondholders, for cancellation; and

(ii) the remaining balance of the net issue proceeds, including proceeds raised in the event of the exercise of the Over-Allotment Option, will be used by the Issuer to meet part of its general financing requirements, and will constitute Tier 2 Capital of the Issuer in terms of the CRR.

Deadline Dates:

  • Closing date for applications to be received from holders of Exchangeable Bonds as at the Cut-Off Date, 20 November 2014
  • Intermediaries’ Offer 21 November 2014
  • Announcement of basis of acceptance 28 November 2014
  • Commencement of interest on the Bonds 28 November 2014
  • Commencement of trading 10 December 2014

Plan of Distribution:

EUR Bonds – : (i) holders of Exchangeable Bonds (6.25% bonds due to mature on 30 October 2015) applying for EUR Bonds by Exchangeable Bond Transfer (ii) holders of Exchangeable Bonds applying for EUR Bonds in excess of the aforesaid, solely where the Existing Bondholder has transferred such holder’s entire holding in Exchangeable Bonds by completing the relevant section of the Application Form and (iii) The general public, subject to the minimum holding requirement applicable to each individual subscriber, that is a minimum holding of €25,000 in EUR Bonds per Bondholder.

GBP Bonds – The general public, subject to the minimum holding requirements applicable to each individual subscriber, that is a minimum holding of £20,000 in GBP Bonds per Bondholder.

Link – Medbank Prospectus

REGISTER FOR IPO – OPEN A CC WEBTRADER ACCOUNT ONLINE

To be able to participate in this IPO and any future IPOs simply open an account online. (No deposit is required) by clicking here or by visiting the following link. http://www.cc.com.mt/contact-us/cc-registration-form.

You may also call us on 25688688 any day of the week till 7.30pm or on Saturdays from 9-1pm