AX Group has announced that it has submitted an application to the Malta Financial Services Authority (MFSA) to list a new €40 million bond issue redeemable in 2033.
The announcement did not specify the coupon rate of the new bonds, which will be used to redeem an existing €40 million issue set to come to maturity in 2024.
The company will grant preference for subscription to the new bond issue to holders of the bonds maturing next year, in exchange for their surrender of the maturing bonds.
The cut-off date for eligibility to be considered for such preference is 22nd September, with the final trading day being 19th September. The maturing bonds will cease trading on the Malta Stock Exchange on that day.
The remaining balance, if any, of the new bonds will then be offered for subscription to AX Group employees and holders of other AX Group securities at the same cut-off date.
These include AX Group bonds maturing in 2026 and 2029, AX Real Estate bonds maturing in 2032, and AX Real Estate shareholders.
Further information on the new bonds will be communicated following the MFSA’s approval.