Von der Heyden Group Finance plc was granted approval by the Malta Financial Services Authority for the listing of a new ten-year €35 million bond issue with an annual interest rate of 5% on the Official List of the Malta Stock Exchange.
The new unsecured bonds, having a nominal value of €100 per bond issued at par, are guaranteed by the Group’s parent company, Timan Investments Holdings Limited.
The proceeds from this new bond issue will be used for the redemption of the previous 2017 issuance of €25 million 4.4% unsecured bonds due to mature in 2024, subject to the early redemption of the said maturing bonds to be placed for the approval of the holders thereof. The remaining proceeds will be on-lent to the guarantor, Timan Investments Holdings Ltd for the part-financing of the Andersia Silver project, and for general corporate funding.
The company will be giving preference to the present bondholders of the €25 million 4.4% unsecured bonds 2024 the €25 million dedicated for the roll-over while €10 million will be available for subscription by new investors. Any balance from the new Bonds not subscribed to by existing bondholders shall be offered for subscription by authorised financial intermediaries through an intermediaries’ offer.
Andersia Silver, the Group’s flagship project, a 40,000 sqm A-class office tower having an investment value of over €105 million, has secured bank financing as well as 10% of its office tenancy in preleases ahead of its construction. The 116m high skyscraper will be Poznań’s highest building after its Andersia Tower (105,2 m) being developed through a joint venture company between the Von der Heyden Group and the City of Poznań.
Applications will be made available to preferred applicants on the 1st November and through an intermediaries offer from the 18th November. Subscriptions will close on 2nd December, or earlier if the bond issue is over-subscribed. The minimum subscription amount is €2,000 and in multiples of €100 thereafter.
The bonds to be issued are expected to be admitted to the Official List of the Malta Stock Exchange on 16th December and trading is expected to commence on the 19th December.
As an issuer of debt securities listed on the Malta Stock Exchange, Von der Heyden Group Finance plc, is subject to the Capital Markets Rules issued by the Malta Financial Services Authority.
LINK TO PROSPECTUS: https://vonderheydengroup.com/e35m-5-2032/