IHI bond issue oversubscribed

The €30 million bond issue by International Hotels Investment was oversubscribed on the first day of offer and was increased by €5 million.

The fourth issue by the company, the bonds carry a 6.25 per cent interest rate payable in 2019 and will be used to finance new acquisitions and development overseas.

Joseph Fenech, the company's managing director, said: "This success gives us great satisfaction as it provides another testament to the strong reputation enjoyed by International Hotels Investments plc. The chairman and board of directors of IHI are grateful to the Maltese public for the continued trust showed in our company. As in IHI's preceding bond issues, this bond issue also generated a very positive response."

IHI has acquired and developed hotels in Malta, Tripoli, Prague, Lisbon, Budapest and St Petersburg. It is developing another two projects, one in London and another in Benghazi.