Mariner Finance plc on Friday announced that it received €36.9 million in applications for its issue of five per cent unsecured bonds 2032.

The new bonds were available for subscription by holders of the 5.3 per cent unsecured bonds redeemable on 3rd July 2024 and also the general public.

Out of the total applications received, €17.3 million represented exchangeable bonds surrendered by existing bondholders for the new bonds, while the remaining €19.6 million represent applications by existing bondholders for additional new bonds not being exchangeable bonds, and from the general public. Mariner Finance confirmed that all applications were allocated in full.

The company had its application for the listing of a maximum of €44 million unsecured bonds due in 2032 approved last month.

Interest on the new bonds commenced from and included 16th December 2022. They are expected to be admitted to listing on the Malta Stock Exchange’s official list by 3rd January 2023 latest, while trading is expected to commence on 4th January 2023.

Existing bondholders that opt to subscribe for the new bonds by surrendering their holdings in the exchangeable bonds shall receive a premium accounting to €1.50 per exchangeable bond. They will also receive interest on the exchangeable bonds surrendered for the new bonds which has accrued up to and including 15th December 2022.

Mariner Finance thanked all the applicants and authorised financial intermediaries that supported the bond issue.

Mariner Finance forms part of Mariner Finance Group, which in turn is part of Hili Group. Through its 95-year history rooted in the shipping industry, Hili Group has established itself as a key player in the maritime and logistics industry, where its subsidiary Mariner is a recognised leader in the regions in which it operates.