Grand Harbour Marina Plc 4.5% Unsecured Bonds 2027

Grand Harbour Marina Plc has announced the issue of €15,000,000 of 4.5% Unsecured Bonds redeemable in 2027, with a nominal value of €100 issued at par.

Orders may be placed by contacting us on 25 688 688 or via email on [email protected]

BUSINESS OVERVIEW

Grand Harbour Marina’s main line of business is the day-to-day operation of the Marina, in respect of which it has built and continues to enjoy a respectable reputation for its know-how, skills and expertise. In this regard, the Issuer aims to continue to operate the Marina efficiently and profitably.

The Issuer’s management, however, also believes that there is significant market potential to further develop the short-term rental and long-term superyacht lease berth markets in Malta.

The belief of the former’s potential is based on the persisting imbalance in the Maltese market between the high demand for berths and their lower supply; the latter’s potential is based on the ongoing global growth of the superyacht fleet as well as Malta’s competitive pricing, lease term and facilities when compared with marinas elsewhere in the Mediterranean.

USE OF PROCEEDS

The proceeds from the Bond Issue, which net of Bond Issue expenses are expected to amount to approximately €14,550,000, 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 €11,000,000 will be used by the Issuer for the purpose of redeeming any Exchangeable Bonds remaining in issue as at the close of business of 23 June 2017 (the “Cut-Off Date”);

(ii) a maximum amount of €3,500,000 (the “Waterside Investment Amount”) for further waterside investment within the Marina which at the time of issue of this Prospectus is envisaged to take place in two separate stages which are independent of each other. A maximum amount of €800,000 of the Waterside Investment Amount will be invested in the first phase of a reconfiguration to be made to the Marina. It is anticipated that the balance, that is a maximum amount of €2,700,000 of the Waterside Investment Amount (the “Balance”) will be invested in the second phase of the reconfiguration to be made to the Marina;

(iii) the remaining amount of €50,000 will be used by the Issuer for general corporate and operational purposes.

COMPANY OVERVIEW

Grand Harbour Marina plc was incorporated on 31 August 2000 and became a public limited company on 12 January 2007. The Company entered into a deed of sub-emphyteusis on 4 September 2001 with Cottonera Waterfront Group plc, pursuant to which it acquired the rights to develop and subsequently operate the Grand Harbour marina, develop the surrounding land and buildings and operate the ancillary facilities located in Vittoriosa, Malta. Following issuance of development permits in January 2003, the Company was involved in the development of the marina and related facilities geared for the berthing of yachts with a focus on super-yachts. The Company completed the first pontoons in 2003 and in 2004 while still developing other parts of the project, launched the super-yacht berths at Vittoriosa Wharf, Machinery Wharf and Xatt ir-Risq and then launched the marina in autumn 2005 after completion of the super-yacht berths at St. Angelo Wharf.

HOW TO REGISTER TO BUY BONDS?

Orders may be placed by contacting us on 25 688 688 or via email on [email protected].

Applications for existing Grand Harbour Marina bondholders and shareholders will open on the 14th of July 2017.

Applications will close on the 2nd of August 2017 for existing bondholders, on the 9th of August 2017 for existing shareholders and on the 11th August 2017 for the intermediaries offer.

Applications must be for a minimum value of €2,000 and multiples of €100.

A copy of the prospectus is available HERE

Calamatta Cuschieri Investment Services Ltd is acting as a licensed stockbroker and financial intermediary for this bond issue.