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MIH Approval of New Bonds – Updated

15th June 2010

Mediterranean Investment Holding is issuing an equivalent of €30,000,000 7.15% bonds 2015-2017 (or in the case of the over-allotment option being exercised, €40,000,0000) issued at par in any one or the combination of the following issues:

  • 7.15% EUR Bonds 2015-2017 of a nominal value of €100 per Bond issued at par
  • 7.15% USD Bonds 2015-2017 of a nominal value of US$100 per Bond issued at par
  • 7.15% GBP Bonds 2015-2017 of a nominal value of GBP100 per Bond issued at par

To view the summary document please click here

The MIH plc application form is available here

Bond Details

Coupon 7.15%
Issue Price 100 (Par)
Size of Issue €30 million (+ €10 million over allotment option)
Interest Payment Dates 23rd July (Annually)
Maturity date 23rd July 2017 (unless redeemed on any day falling between 23rd July 2015 and 22nd July 2017)

Time Table

Preferred Applicants (closing date) 8th July 2010
Pre-placement (closing date) 9th July 2010
Open offer (opening date) 12th July 1010

 

Minimum application for bonds

Preferred Applicants EUR/GBP/USD 1,000
Pre-placement EUR/GBP/USD 5,000
Open offer EUR/GBP/USD 1,000

Use of Proceeds

The proceeds raised through the present Bond Issue shall be applied as follows:

1.In the amount of €31,250,000 for investment in Medina Tower. This amount consists of: €19,000,000 to reinstate part of the funds raised pursuant to the 2008 Bond Issue which, pending the requirement for investment in Medina Tower, were utilized for the purpose of financing the additional capital expenditure requirements on the Palm City Residences Project; and an additional €12,250,000 for further equity investment in the Medina Tower project which during its planning stage has been extended from 26 floors to 40 floors accordingly requiring a corresponding level of further investment for an increased development comprising a significantly higher number of luxury apartments for sale and larger commercial and retail areas for letting (see section 5.2.2 of Part C of the Prospectus); and

2.In the amount of €8,750,000 for general corporate funding purposes, including the expenses related to this Bond Issue.

Security

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

More Information

For advice on whether this bond issue is suitable for inclusion in your investment portfolio please contact one of our investment advisors on 25 688 688 or send us an email on [email protected] or contact us