Corinthia announces bond allocation policy

Corinthia Finance plc has announced the basis of acceptance for the issue of €7,500,000 six per cent Corinthia Finance plc bonds 2019-2022. The Issue was oversubscribed on March 16, which was the closing date for holders of 6.75 per cent Corinthia Finance plc bonds due on April 8 to transfer their maturing bonds in consideration for subscription in the bonds.

The company received from holders of maturing bonds an aggregate total of €8.6 million, which is €1.1 million in excess of the maximum aggregate amount of €7.5 million. As a result, the company decided to satisfy all applications for amounts up to €40,000 in full, thereby satisfying 98 per cent of all applications received. In the case of applications for amounts over €40,000 the company will likewise be satisfying the first €40,000 and allocating a further 4.95 per cent of the remaining balance of all such applications. All amounts being allocated have been rounded to the nearest integral number of the €1,000 nominal value of the bonds.

Interest on the bonds will commence today. The dispatch of allotment advices and refunds of unallocated monies where applicable will be made by April 10.

The bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on April 11 and trading is expected to commence on the following business day, April 12.