International Hotel Investments (IHI) has received regulatory approval to proceed with the first tranche of a new bond issuance programme, raising €30 million through a new series of unsecured bonds maturing in 2036.

In a company announcement issued on Thursday, IHI said it had been granted approval by the Malta Financial Services Authority for the admissibility to listing of €30 million in 5.25 per cent unsecured bonds due in 2036. The bonds form part of the company's wider €115 million unsecured bond issuance programme approved under a Base Prospectus dated 10th June 2026.

The issue represents the first tranche under the programme and is being launched as IHI prepares to redeem a €55 million bond carrying a 4 per cent  coupon that matures in July 2026.

According to the Final Terms, the €30 million issue is being offered exclusively to holders of the maturing July 2026 bonds, allowing them to exchange all or part of their existing investment for the new 2036 bonds. The move effectively constitutes a partial rollover of the debt, with investors who participate benefiting from a higher annual coupon of 5.25 per cent.

The remaining balance of the July 2026 bond redemption is expected to be financed through the group's existing cash resources and/or bank financing facilities.

The new bonds carry a higher interest rate than the maturing issue, reflecting current market conditions and resulting in increased financing costs on the portion of debt being refinanced.

The €30 million tranche forms part of a broader €115 million programme approved by the MFSA. The programme's size mirrors the value of three IHI bond issues scheduled to mature over the coming months and years, namely a €55 million bond maturing in July 2026 and two further bonds worth €40 million and €20 million respectively maturing in December 2026.

As a result, the larger part of the approved programme is expected to be utilised for the refinancing of those bonds as they approach maturity.

IHI said full details of the issue are contained in the Final Terms dated 10th June 2026 and the Base Prospectus issued under the bond programme. Both documents are available through the company's website and authorised financial intermediaries.

The bonds are expected to be listed on the Official List of the Malta Stock Exchange following completion of the offer process.