Mercury Projects Finance plc, the financing arm of Mercury Group, has informed the public that it has decided to seek external financing for components of the Mercury House Project, primarily the development and finishing works of the hotel, through a public bond issue.

The company’s Board of Directors therefore announced, through a statement posted to the Malta Stock Exchange, that it has submitted an application to the Malta Financial Services Authority requesting the admissibility to listing of €50 million secured bonds maturing in 2032, of a nominal value of €100 per Bond, to be issued at par, which will pay interest at 4.3 per cent per annum.

The bonds will be guaranteed by the guarantor and will also be secured through a first ranking special hypothec to be constituted by Mercury Hotel Ltd, another subsidiary of the company, over certain immovable property it owns at the site where the Mercury Hotel project is being developed.

Subject to obtaining the necessary regulatory approval, application will be made for the bonds to be listed and traded on the Official List of the Malta Stock Exchange.

Developer Joseph Portelli is the sole shareholder of Mercury Towers Ltd, the parent company of Mercury Projects Finance plc.