A €20 million bond issue by Mediterranean Investments Holding has been subscribed in full, after the company received 3,534 applications for a total value of €39.4 million – just under twice the value of the bonds available.

The 5.85 per cent unsecured bonds, guaranteed by CPHCL Company (the ultimate owner of the Corinthia Group), were available for subscriptions by existing bondholders of two other previous issues by the company, maturing in 2023 and 2027.

Bondholders of the bond issue maturing this year were given preference to subscribe for the bonds by surrendering their maturing bonds, with just under €17 million of the maturing bonds being rolled over into the new issue.

This represents 85 per cent of the total maturing bonds, with one industry insider close to the deal describing it as among the highest levels of bond exchange taking place on the local market.

Mediterranean Investments Holding was set up in 2005 to develop and operate real estate in North Africa. CPHCL Company owns a 50 per cent shareholding in the company. Another 40 per cent is owned by Kuwait’s National Real Estate Company, while the remaining 10 per cent is owned by Libya Projects General Trading And Contracting Company.

The company operates Palm City Residences, a gated community on 171,000 sqm of land in Janzour, Libya. The complex, situated “close to Tripoli, but secluded”, includes 413 residential units and a host of amenities, including retail shops, a laundry, a health clinic, catering outlets, and numerous gym and sport facilities.

The units are typically rented out to NGOs, oil and energy companies, embassies, and government-related entities.

As per the company’s financial analysis update for 2023, “it is evident that no other similar compound offers the same level of lifestyle, top-quality service, security, and extent of facilities.