IHI bond applications open to public

Applications for the €25 million 10-year bond launched earlier this month by International Hotel Investments plc are open to the public, the company said yesterday.

Application forms and copies of the prospectus are available from financial intermediaries. Subscriptions open on March 24. The offer closes on March 30, or earlier if over-subscribed.

The bonds bear an interest rate of 6.25 per cent per annum and are redeemable in 2020 but may be redeemed earlier from 2017.

The proceeds from the bonds will be principally used to redeem the outstanding amount of the five per cent IHI convertible bond which matures on May 29 and to repay an existing loan facility in full.

The bond is managed by Bank of Valletta plc, which is also bond registrar.