IHI announces allotment policy for €25 million bond issue

International Hotel Investments p.l.c. (IHI) has announced the allotment policy for its 6.25 per cent €25,000,000 bond issue.

IHI said applications received from holders of 5 per cent IHI Convertible Bonds 2009 (the ‘Maturing Bonds’) would be met in full including any rounding up to nearest thousand. Any excess applications received from these investors would be subject to the allocation policy applied to preferred applicants.

Applications received from preferred applicants, investors who already held investments in one or more of the Corinthia Group’s listed companies, would be met in full up to the first €20,000. Any balance on these applications would be scaled down to around 14.3 per cent and any unallocated balances thereafterwould participate in the allocation policy applicable to the public.

Applicants and unallocated applications from preferred applicants (at the preferential stage) would be met in full up to the first €6,500 and the remaining balances scaled down to 11.99 per cent.

The company said that, in effect, this meant that applications up to €27,600 from preferred applicants, accounting for 97 per cent of the applications received from the said applicants and 69 per cent of applications received from the public, would be accepted in full.

Interest on the bonds will start from today. Allotment letters and refunds of unallocated monies will be paid by April 12 by direct credit to the bank account indicated on the respective application forms.

IHI thanked the public, institutional investors, authorised financial intermediaries and the banks for their support.