Malta Stock Exchange-listed Grand Harbour Marina plc this week launched a e10 million bond issue holding an over-allotment option of a further e2 million. The bonds pay interest of seven per cent per annum and mature between 2017 and 2020.
GHM is responsible for the development and operation of the state-of-the-art yacht marina in Vittoriosa. Offering a high standard of facilities and service, GHM is the homeport of major international superyachts up to 100 metres in length, while also being the preferred choice for discerning Maltese yachtsmen for yachts up to 25 metres.
GHM has a long association with Camper & Nicholsons, the leading international marina group, whose operational headquarters are in Malta, and through whom GHM has access to additional strong management and sales and marketing resources.
Nick Maris, director of Grand Harbour Marina and chief executive officer of Camper & Nicholsons Marinas, said, “Grand Harbour Marina and Camper & Nicholsons together form a strong team, well positioned to develop the existing business and to take advantage of the investment opportunities currently available in the attractive marina sector.”
Grand Harbour Marina intends to use the bond proceeds to refinance its existing debt, to invest further in the Grand Harbour Marina itself and within Malta and potentially to co-invest with Camper & Nicholsons in international marinas.
Lawrence Zammit, chairman of Grand Harbour Marina plc, said: “This bond issue allows Grand Harbour Marina to continue to build on its success and further improve shareholder value.”
Copies of the prospectus and application forms will be available to investors from 26 January from stockbrokers, banks and financial intermediaries. The closing date for applications is 15 February.
HSBC Bank Malta plc is acting as manager and registrar to the issue. Rizzo Farrugia & Co. Stockbrokers Ltd is the sponsor. Camilleri Preziosi Advocates are legal counsel to the bond issue, Guido de Marco & Associates are legal counsel to the issuer while FINCO Treasury Management Ltd is acting as financial adviser.