Phoenicia Group has had its new €50 million unsecured bond issue approved by the Malta Financial Services Authority (MFSA), financing arm Phoenicia Finance Company plc announced on Thursday.
Authorisation has been granted for the admissibility to listing of the bonds, which are being sponsored by Curmi & Partners, on the official list of the Malta Stock Exchange.
The 2023-2033 bond issue, carrying a 5.75 per cent coupon rate with a nominal value of €100 per bond issued at par, was first announced by the company in November. The bonds are guaranteed by Phoenicia Malta Limited and Phoenicia Hotel Company Limited, both in terms of annual interest and capital repayment upon maturity.
Full details of the bonds will be explained in the prospectus that will be available on the company’s website from 10th February 2024, viewable by clicking here.
Phoenicia Group is comprised of the property owning and operating companies of The Phoenicia Malta, a five-star hotel located in Floriana. The Phoenicia Malta first opened its doors in 1947 as a luxury hotel, and it boasts 136 newly refurbished guest rooms.
In the November announcement, Phoenicia Finance Company had also announced the way bonds will be applied for after obtaining regulatory approval.
Authorised financial intermediaries entering into placement agreements with the company were eligible for a maximum total amount of €20 million. Secondly, holders of the €25 million 4.15 per cent unsecured bonds 2023-2028, holding a nominal value of €100 per bond, announced back in November 2018, were eligible for the remaining €30 million together with any remaining bonds not subscribed to by the aforementioned financial intermediaries.
Holders of existing bonds could subscribe to the new bonds if they surrendered their respective holding in the existing bonds, with a cut-off date for such eligibility being 23rd November 2023. Any unsubscribed bonds by holders of existing bonds will become available to authorised financial intermediaries through an intermediaries’ offer.
