Corinthia's new overseas projects total €850 million

The Corinthia Group today issued this artist's impression of the Medina Tower, its latest project in the heart of Tripoli, Libya.

Corinthia Finance p.l.c. has announced the issue of a €15 million nine-year bond bearing an interest rate of 6.25 per cent per annum.

The net proceeds from the bonds will be principally used to redeem the outstanding amount of the 6.5 per cent bonds which mature on April 8 and amount to €14,273,700.

The Group, through its subsidiary companies, is currently engaged in completing projects and developing new sites in various overseas territories with an approximate total value of over €850 million worth of investments.

The group is currently engaged in developing and completing three projects in Libya (Benghazi, Tripoli and Janzour), another development in London and in St Petersburg.

The £270 million Corinthia Hotel in London, is just a few months away from completion. It occupies a 40,000 square metre prime site straddling Northumberland Avenue and Whitehall Place, with panoramic views over Trafalgar Square, the River Thames and all of the major sights of Westminster.

It will feature a 300-bedroom luxury hotel, having the largest bedrooms in London and including 45 suites.

Subscriptions for the bonds open on March 1 and the offer closes on March 5 or earlier if over-subscribed.