Mediterranean Investments Holding Plc have announced that it will be issuing €40,000,000 of 5% Unsecured Bonds redeemable in 2022, with a nominal value of €100 per bond, guaranteed by Corinthia Palace Hotel Company Limited.
If you wish to apply for these bonds, please see the information at the bottom of this article.
Mediterranean Investments Holding plc (MIH) was set up to become the leading real estate investor and developer through the acquisition, development and operations of real estate projects such as residential complexes, retail and office spaces, industrial parks and large scale mixed use developments in North Africa.
Set up in 2006 as a joint venture between the Corinthia Palace Hotel Company Limited (CPHCL) of Malta and National Real Estate Company (NREC) of Kuwait, MIH was converted to a public company in 2007.
MIH, through the support of its shareholders, holds distinct competences in project and construction management, management of luxury residential compounds, office blocks, hotels as well as large retail malls both in Libya and across 3 different continents.
Corinthia Palace Hotel Company Limited has distributed its investments across diverse geographic locations and is now achieving further diversity through growth in ancillary business segments. Whereas Corinthia remains primarily a holding company, its subsidiary company IHI remains a hotel owning and operating company with a number of its hotel assets containing significant retail, office and residential components.
Use of Proceeds
The proceeds from the Bond Issue, which net of Issue expenses are expected to amount to approximately €39,500,000 will be used by the Issuer for the redemption of the outstanding amount of the maturing bonds remaining in issue as at 6 July 2017, being the date of redemption of the maturing bonds as determined by the issuer.
Mediterranean Investments Holding Plc is a public limited liability company incorporated in Malta on 6 November 2007, and is domiciled in Malta.
The Guarantor, Corinthia Palace Hotel Company Limited, was registered in Malta as a private limited liability company in terms of the Act on 21 June 1966. The guarantor is domiciled in Malta.
The bonds will be issued at par and bear interest at the rate of 5% per annum, payable annually on 6th July of each year between 2018 and 2022.
How to register to buy bonds:
Orders may be placed by contacting us on 25 688 688 or via email on [email protected].
Orders will be accepted from the 1st of June 2017. The application form must be submitted by not later than the 16th June 2017.
Applications must be for a minimum value of €1,000 and multiples of €100 thereafter.
A copy of the prospectus is available HERE.