Hal Mann Vella Group has launched to the public €30 million secured bonds due in 2024 at an interest coupon of five per cent of a nominal value of €100 per bond at par.

The bonds are secured by a special hypothec on property of Hal Mann Vella Group.

Subscriptions open on October 27 and close on October 31 or earlier if fully subscribed.

€13.7 million of the proceeds from the bond offer will be used to refinance bank borrowings and €5 million for funding the complete modernisation of the Hal Mann Vella factory and investment in new plant and machinery.

The company will be utilising €7 million to construct and develop a mixed use commercial property in Pantar Street, Lija. This project will consist of a three floor building above street level and two basement floors. The remaining balance of the net bond offer proceeds would be used for general corporate funding purposes of the group.

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