International Hotel Investments (IHI), the trading name of Corinthia Group, has announced a new unsecured bond issue, pending approval from the Malta Financial Services Authority (MFSA).

The new bonds will be redeemable in 2033, and will be traded on the Malta Stock Exchange.

In a market update, IHI noted that, pending regulator approval, most of the proceeds from the new bonds will be used to redeem the existing 5.8 per cent unsecured bonds 2023 due on 14th November 2023 and six per cent unsecured bonds 2024, due on 15th May 2024.

These combined value of these two bonds amounts to €45 million.

IHI said it will be granting preference to holders of these two soon-to-be maturing bonds to subscribe to the new bonds by surrendering the corresponding nominal value of bonds so held.

Further information on the new bonds will be available after the issue of the necessary approval by the MFSA.