Investors have taken up €11 million in unsecured notes issued by Mediterranean Investments Holding to refinance its Palm City operation in Libya.
The unsecured notes carry a six per cent premium and expire in 2020. The Corinthia affiliate will use the money to “reduce bank indebtedness” at the luxury residential resort of Palm City in Tripoli.
Mediterranean Investments Holdings said in a company announcement that the substantial reduction in the Palm City loan value enabled the firm to negotiate a refinancing agreement with financial institutions over a longer term.