Mariner Finance plc is offering the public €30 million in unsecured bonds, with the potential to rise to €35 million in case of over allotment.

The bonds will be used for the refinancing of existing bank borrowings, possible acquisitions of other ports and logistical facilities, as well as corporate funding of the group.

The bonds are being issued at an interest rate of 5.3 per cent payable annually, at an issue price of €100 per bond and will be redeemed in 2024. The company has applied for the bonds to be listed and traded on the Malta Stock Exchange.

The Mariner Group plans to expand and grow its container terminal operations through selective acquisitions.

Geographical preference of potential targets will include regions serviced by the European port system (such as the UK, the Baltic Sea area and the Mediterranean).

The Mariner Group will also continue to expand and optimise operations at the Baltic Container Terminal through further investment in port equipment, warehousing and technological processes.

“Since we commenced operation of the Baltic Container Terminal in Riga in 1996, the company has grown to be the largest and fastest-growing container handling facility in the Baltic States, chairman and CEO Marin Hili said.

He said the company recently expanded its warehousing facilities to over 20,000 square metres, and planned to double them in the coming years.

Further investment will go towards the acquisition of a new ship-to-shore quay crane, which would be commissioned later in the year, as well as increasing the terminal’s overall handling capacity.

More information about the issue is available from Mariner’s prospectus dated June 2, a copy of which may be obtained from all bank branches and authorised financial intermediaries listed on the company’s website.

Application forms will be available as from June 9. Subscriptions will close on June 27 or earlier in the event of over-subscription.