Mediterranean Investments Holding, a Corinthia subsidiary with investments in Libya, has announced plans to offer the equivalent of €30 million in a combination of euro, sterling and US dollar bonds subject to an over-allotment option of a further €10 million redeemable in 2017. They may be redeemed earlier, at the company's option, between 2015 and 2017.

The funds will mostly be used for the financing of the Medina Tower development in Tripoli, while the remaining funds will be used for the company's general corporate funding purposes.

The Medina Tower, located on the seafront in central Tripoli, is a high-rise, mixed use development mainly focused on residential properties consisting of a total of 182,500 square metres of floor space over the 39 floors above ground level. These include 24 high-end apartments for sale, commercial office space for rent, retail, conference, leisure, restaurant and food and beverage facilities, together with four levels of underground car parking areas.

The Medina Tower is scheduled for completion by 2013.

The company has reserved up to €15 million of the Issue for shareholders and bondholders of Corinthia Group listed companies - Mediterranean Investments Holding p.l.c, International Hotel Investments p.l.c. and Corinthia Finance p.l.c.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.