Bonds to finance Fort Cambridge development
GAP Developments plc last week announced that it is to offer Lm15,000,000 or €35,000,000 7% secured bonds to the public of a nominal value of Lm100 and €100, respectively, per bond at par, maturing in 2013, with the option to be redeemed partly or...
GAP Developments plc last week announced that it is to offer Lm15,000,000 or €35,000,000 7% secured bonds to the public of a nominal value of Lm100 and €100, respectively, per bond at par, maturing in 2013, with the option to be redeemed partly or fully by the company in 2011 and 2012.
The proceeds of the bond issue will go to part-finance the Fort Cambridge area development, formerly occupied by the Holiday Inn Crowne Plaza Hotel, in Tignè, Sliema. The proposed residential development envisages three blocks of up to 23 floors consisting of about 340 luxury apartments.
The average gross floor areas of the apartments will range between 80 m2 for a one-bedroom unit to 195 m2 for a three- to four-bedroomed unit. The development will also include the construction of four levels of car parking spaces at basement level.
A detailed prospectus and application forms are available from all bank branches and authorised intermediaries. The minimum value for the bonds is Lm1,000 and multiples of Lm100 for Malta liri bonds, and €2,500 and in multiples of €100 for euro bonds.
Subscriptions open on April 16 and close on April 20. However, the bond issue may close earlier at the discretion of the issuer, if fully subscribed. An application has been made for the bonds to be listed on the Alternative Companies List of the Malta Stock Exchange.
The bond issue is underwritten by Charts Investment Management Service Limited and sub-underwritten by Collins Stewart (CI) Limited. The manager and registrar is HSBC Bank Malta plc, and the joint sponsoring stockbrokers are Charts Investment Management Service Limited and Curmi & Partners Limited.