International Hotel Investments plc – New Bond Issue

International Hotel Investments p.l.c. announced the basis of acceptance for the issue of €10,000,000 5.8% International Hotel Investments p.l.c. Bonds 2023 (the new ‘Bonds’). As previously announced, the Issue was over-subscribed on 8th November 2013, which was the closing date for holders of 6.5% International Hotel Investments p.l.c. Bonds due on 27th March 2014 (the ‘Maturing Bonds’) to transfer their Maturing Bonds in consideration for subscription in the new Bonds. As a result, the Intermediaries’ Offer which was scheduled for 13th November 2013 has been cancelled.

The Company received from holders of Maturing Bonds an aggregate total of €11.8 million, which is €1.8 million in excess of the maximum aggregate amount of €10 million. As a result, the Company has decided to satisfy all applications for amounts up to €100,000 in full, thereby satisfying 95% of all applications received. In the case of applications for amounts over €100,000 the Company will likewise be satisfying the first €100,000 and allocating a further 66.835% of the remaining balance of all such applications. All amounts being allocated have been rounded to the nearest integral number of the €100 nominal value of the Bonds.

Interest on the new Bonds will commence on Friday 15th November 2013 and the dispatch of allotment advices will be made by Monday 18th November 2013.

The new Bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on Friday 15th November 2013 and trading is expected to commence on Monday 18th November 2013.

To view the official company announcement, click here.