CPHCL Finance plc has published the basis of acceptance for its €45 million 5.35 per cent unsecured bonds redeemable in 2035, following the early closure of the offer period earlier this month. The bonds are guaranteed by CPHCL Company Limited.
In a company announcement issued on Monday (yesterday), the issuer said applications from holders of the existing 4.25 per cent unsecured bonds maturing in 2026 amounted to €37.37 million. Of this total, €27.27 million was exchanged directly through the surrender of existing bond holdings, representing 68.18 per cent of the outstanding 2026 bonds, while a further €10.09 million related to applications for additional bonds. All applications from these bondholders were allocated in full.
An additional €7.63 million was allocated through the intermediaries’ offer. This figure includes the full €5 million originally reserved for authorised financial intermediaries, together with €2.63 million representing the balance of bonds not taken up by holders of the maturing issue.
Interest on the new bonds will begin accruing from 18th December 2025. Admission to listing on the Official List of the Malta Stock Exchange is expected on 22nd December, with trading scheduled to commence the following day. Trading in the remaining 2026 bonds is also expected to resume on 23rd December 2025.
The issuer confirmed that redemption of the outstanding amounts under the 2026 bonds, together with payment of accrued interest, will take place on 12th April 2026. Bondholders who opted to exchange their holdings for the new bonds will receive interest at the 4.25 per cent rate applicable to the 2026 bonds for the period between 12th April 2025 and 17th December 2025, payable within 30 days of the new bonds being admitted to listing.
CPHCL Finance plc is a special purpose vehicle responsible for the financing operations of CPHCL Company Ltd, the majority shareholder of the Corinthia Group (IHI plc).
The wider group has interests across hospitality, manufacturing, services and real estate, including MIH, Swan Laundry, Danish Bakery, RQT, Palace Landscaping and the Malta Fairs and Convention Centre.
The €45 million bond issue is primarily intended to refinance the €40 million 4.25 per cent unsecured bonds due for redemption in April 2026, with the remaining proceeds earmarked for capital expenditure within the broader CPHCL Group. The issue was structured to give preference to holders of the maturing bonds, with any remaining balance offered through authorised financial intermediaries.
In earlier disclosures, the group said it expects revenues and EBITDA to improve by the end of the current financial year, driven in part by the first full year of operations of several new hotels operated by IHI plc. It has also indicated that it remains focused on cost control while exploring the potential disposal of non-core or fully mature assets to reduce overall group debt.
