Mariner EUR13 million bond offering
closes within hours
In yet another example of the amount of investment power
wielded by the Maltese investing community, bonds launched by Mariner
Finance plc yesterday were snatched up in a matter of mere hours.
In fact, subscription lists for the EUR9 million bond issue were filled
yesterday morning, as well as the EUR4 million over-allotment option.
Commenting on the bond issues success, Mariner Group Chairman
Marin Hili commented yesterday, "It is a great source of satisfaction
for us at Mariner that both individual investors as well as financial
institutions have shown total confidence in this project.
"The fact that the original bond issue and the over-allotment option
were taken up within such a short time augurs well for the future of
Mariners 5.75 percent bonds are due to mature in 2008, 2009 and
The proceeds from the bond issue will be advanced by Mariner finance
to Mariner SpA for the purpose of funding the acquisition of a 50 percent
equity interest in Terminal Intrermodial Venezia.
The remaining sum will be advanced to Mariner SpA for the final payment
on the acquisition of a 100 per cent equity in the Baltic Container
Terminal - a seaport terminal operator in Riga, Latvia.
The bonds have been issued at a nominal value of EUR100 each and interest
on the bonds will become due and payable annually in arrears on 15 July
of each year at the rate of 5.75 percent. The first interest payment
will be due and payable on 15 July 2004.
In view of the fact that the bonds were oversubscribed, the allocation
policy to be adopted by the company will be announced shortly.