Mizzi Organisation seeks listing of €25m bond issue

The Mizzi Organisation has submitted an application for the admissibility to listing of a proposed issue of €25 million new bonds redeemable between 2016 and 2019, a company announcement on the Malta Stock Exchange said last Thursday.

The issue will be subject to an over-allotment option of €5 million.

The bonds will be guaranteed by Mizzi Holdings, Consolidated Holdings Ltd, Kastell Ltd and the General Soft Drinks Ltd.

The proceeds of the new bonds will be used for the redemption of the Mizzi 6.7% Bond 2009-2012 and to refinance the guarantors' existing bank facilities.

The company will give preference to existing bondholders who surrender their current holding in favour of the new bonds.

Friday will be considered as the cut-off date for registration.

Mizzi Organisation is one of Malta's privately owned groups and has interests in a diverse portfolio of sectors including exclusive car dealerships, financial services, tourism, retail, mechanical and electrical engineering, gaming, beverage production, and real estate.

In the seven years since the last bond issue the group has invested over €75 million in its operations, chairman John C. Grech told The Sunday Times last week.

Chev. Maurice Mizzi is now the sole representative of the second generation which had been handed the reins by founder Spiro Mizzi. All other directors - Kenneth, Brian, Ian, Veronique and Christopher Mizzi as well as Angele Calleja - are all third-generation Mizzis.

The family has placed all its properties at the group's operational use. It still owns extensive property around the island and is in the process of developing a number of sites.