02 July 2003

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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 issue’s 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 the group."
Mariner’s 5.75 percent bonds are due to mature in 2008, 2009 and 2010.
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.



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Editor: Saviour Balzan
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