GAP Group plc’s latest bond issue, worth €21 million, has been fully allocated, with acceptance to the Malta Stock Exchange (MSE) expected next week.

In a statement posted to the MSE, the Group said it is “pleased to announce the basis of acceptance for the issue to €21,000,000 GAP Group plc 3.9 per cent Secured Bonds 2024-2026”, following the end of the offer period on 7th January.

Up to €19,247,300 of the new bonds were reserved for holders of the 4.25 per cent Secured Bonds 2023, first issued in 2016 (the 2016 Bonds).

These bondholders were invited to transfer the 2016 Bonds held by them settlement for the subscription for the new bond issue.

GAP Group received an aggregate amount of €10,831,900 from holders of the 2016 Bonds, representing 56.28 per cent of the total value of 2016 Bonds outstanding as at 26th November 2021. This amount was allocated in full.

The remaining balance of €10,168,100 was fully allocated to holders of 2016 Bonds in respect of any excess Secured Bonds applied for and Authorised Financial Intermediaries by virtue of placement agreements.

The outstanding amount of 2016 Bonds has now been reduced to €8,415,400. Trading in these bonds was suspended, and will resume as from Tuesday 18th January 2022.

Meanwhile, the new bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on Monday 17th January 2022, and trading is expected to commence on Tuesday 18 January 2022.

Gap Group's Board of Directors thanked the holders of the 2016 Bonds, the investing public and participating Authorised Financial Intermediaries for the support shown.

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