Mediterranean Investments Holding plc €11,000,000 6% Mediterranean Investments Holding p.l.c. Unsecured and Unlisted Notes 2020 (“Notes”)

Mediterranean Investments Holding p.l.c. (the Issuer) has aannounced that the issue of €11,000,000 6% Unsecured Notes 2020 has been fully subscribed.

As announced in a previous company announcement dated 24th September 2015, the net proceeds from the Notes, amounting to €10.9 million, are being utilised by the Issuer to reduce bank indebtedness at the Palm City level.

In view of the substantial reduction in the Palm City loan value, the Issuer has concluded negotiations to refinance, over a longer term, the remaining balance of the syndicated loan. In this regard, the term on the outstanding loan has been rescheduled from 2.5 years to 6 years, thus reducing substantially the annual commitment on the payment of interest and capital on the said loan. A new agreement, reflecting the above terms, is expected to be concluded and signed by the end of this month. 

To view the Official Company Announcement, click here.