Mercury Projects Finance plc on Friday announced that it has submitted an application to the Malta Financial Services Authority (MFSA) requesting approval for the listing of a €20 million bond issue.

The bonds will mature in 2034 and will have a nominal value of €100 per bond issued at par. They will carry a coupon rate of 5.3 per cent per annum and will be guaranteed by Mercury Towers Ltd.

Mercury Projects Finance plc is the financing arm of Mercury Group, which is behind Mercury Towers, a prominent St Julian’s development owned by Joseph Portelli.

The bonds will be secured through a first ranking special hypothec to be constituted by the Guarantor, over immovable property it owns at the site where Mercury Towers project is being developed.

Following obtaining the necessary regulatory approval, an application will be made for the bonds to be listed and traded on the official list of the Malta Stock Exchange.

Subject to obtaining approval, the company is expected to enter arrangements with authorised financial intermediaries for the placement and/or subscription of the bonds being issued.

These will subsequently be subscribed to by each intermediary either in its own name or in the name of its underlying clients.  

Furthermore, an application will be submitted to the Malta Stock Exchange for the bonds to be admitted to its official list and for trading to commence thereafter.

Mercury Projects Finance noted that more detailed information on the bonds will be available in the prospectus, which will be published following the attainment of the necessary approval by the MFSA.