Corinthia Finance plc has announced the issue of €40,000,000 4.25% Unsecured Bonds redeemable in 2026. The issue is guaranteed by Corinthia Palace Hotel Company Limited.
Furthermore, the company has resolved to redeem all 6.25% Corinthia Finance plc Unsecured Bonds 2016-2019 (the ‘Exchangeable Bond’) in accordance with the terms set out in the prospectus.
The company will be granting preference to the holders of the Exchangeable Bonds to subscribe to the new issue by surrendering their respective Exchangeable Bonds. Furthermore, holders of the Exchangeable Bonds who transfer their total holdings may apply for additional new Bonds in excess of their holding in the Exchangeable Bonds. The bonds will be issued at par.
Applications must be for a minimum value of €2,000 and multiples of €100. Applications are currently open and will close on the 8th of April at 10.00am. Should the total amount of applications received from existing bondholders not reach €40,000,000 another call for offers will be held for intermediaries on the 12th of April.
Note; As preference is being given to existing bondholders it is unlikely non-holders of Exchangeable Bonds will be able to receive an allocation in the new offer.
A copy of the prospectus is available HERE