Grand Harbour Marina announces bond issue

Grand Harbour Marina has announced plans to issue €10 million in bonds redeemable in 2020.

The bonds shall be subject to an early redemption option which may be exercised by the company between 2017 and 2020.

The 7% issue has an over-allotment option of €2 million. The bonds shall be issued at par (€100).

The company said it intends to use the proceeds to prepay its current loan term facility; invest in waterside and landside investments within the Grand Harbour Marina itself and within Malta and potentially to co-invest with Camper & Nicholsons in existing and new investment marinas outside of Malta with a focus on the Mediterranean.

The company intends to give preference to existing shareholders and those holding berths at the marina.