Endo Group is has launched a €23 million bond with a coupon rate of 5.75 per cent, redeemable in 2036.

Endo Group is a Maltese group involved in the ownership and chartering of tankers, as well as ship-to-ship servicing and property. The main company and guarantor of the bonds is Endo Ventures Ltd, owned by Nicholas and Christopher Frendo, each with a 40 per cent shareholding, with Frederick and Marianne Frendo each holding 10 per cent.

The sponsor of the new bonds is Calamatta Cuschieri Investment Services Ltd.

Subscription is open to holders of unlisted notes issued in 2022 and 2023 and to authorised financial intermediaries.

The prospectus indicates that the proceeds from the bond issue will be used to refinance existing notes, settle outstanding dues on the acquisition of a 136m oil tanker, and for general corporate requirements.

Around €11.8 million will be used to refinance what remains of two notes issued in 2022 and 2023 through private placement, with coupon rates of 6 per cent and 7.5 per cent respectively.

The consolidation of these liabilities through the new bond issue is expected to result in lower finance costs for the group.

Another €6 million of the funds raised will be on-lent to Endo Gregale Maritime Ltd to settle a lease liability related to the Endo Gregale, a 17,497 DWT oil tanker with a length of 136.4 metres.

The Endo Gregale was acquired in 2023 and financed in large part through third-party financing. Built in 2009, it is the largest of the group’s vessels and “significantly expanded” its carrying capacity. It is time chartered to third parties and managed by Bernhard Schulte Shipmanagement Ltd, which provides the crew, manages, maintains, navigates, operates, insures, fuels, repairs and dry-docks the vessel.

The remaining balance of the proceeds, expected to amount to around €4.74 million, will be used for the general corporate funding purposes of the group.

As at 31st December 2025, Endo Ventures’ total consolidated assets amounted to €60.3 million, of which €37.9 million related to vessels and property used by the group, an additional €5 million related to investment properties within Endo Properties Ltd, and €11.3 million related to loans due from related parties. Its total equity stood at €19.2 million.

Endo Finance plc, the finance arm of the group, also has a €13.5 million 4.5 per cent bond due in 2029 listed on the Malta Stock Exchange.