Mariner Finance plc has had its application for the listing of €44 million unsecured bonds redeemable in 2032 approved, it announced on Tuesday.

The bonds will have a nominal value of €100 per bond, to be issued at par.

An amount of up to €35 million in nominal value of the new bonds shall be made available for subscription by those who as at 11th November 2022 held the previous issuing of bonds, which was at 5.3 per cent unsecured bonds at a nominal value of €100 per bond and redeemable on 3rd July 2024. The previous bond issue was pursuant to a prospectus dated 2nd June 2014.

A premium amounting to €1.50 per existing bond surrendered shall be payable by Mariner Finance to the existing bondholders that are partaking in the exchange to new bonds.

Additionally, an amount of up to €9 million in nominal value of new bonds, which would increase according to any amount not subscribed for by holders of existing bonds, shall be made available for distribution through a way other than by exchangeable bond transfer.

Mariner Finance also announced that applications from the general public shall be subject to a minimum subscription amount of €2,000, while this will not be the case for applications from existing bondholders.

Application forms shall be mailed to existing bondholders on 25th November 2022, and the overall offer period shall commence on 28th November 2022 and end on 16th December 2022, yet it may close earlier should over-subscription take place.

Full details about the new bonds are included in the prospectus dated 21st November 2022, which will be available on Mariner Finance’s website as from Wednesday (23rd November 2022).

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.

Main Image:

Mariner Finance plc

Read Next: Placeholder

Written By

Fabrizio Tabone

Fabrizio has a passion for the economy and technology, especially when it comes to innovation. Aside from this, he also has a passion for football and movies, and so you will often find him either with a ball to his feet or at the cinema checking out the latest releases.