Corinthia holding company announces €45m bond issue as assets set to top €1bn
The bonds will carry an annual interest rate of 5.35%
Corinthia Group has announced the issuance of €45 million in unsecured bonds, which are set to mature in 2035.
In a statement Thursday, the group said its holding company CPHCL Company Limited had received approval from the Malta Financial Services Authority to list the bonds.
The bonds, guaranteed by CPHCL Company Limited, will carry a coupon – annual interest rate – of 5.35%.
CPHCL was established in 1966 as the holding company of the Corinthia Group. Its portfolio covers property, services and hospitality.
The holding company’s revenues are expected to reach €386.7 million by the end of the year, while its assets are anticipated to exceed €1 billion.
CPHCL CEO Jean-Pierre Schembri said CPHCL called the bond issuance “an opportunity for the public to share in our future success”.
He said the company would focus on growing its business, “expanding our industrial ventures, optimising the use of our property portfolio both locally and internationally, and branching out into new sectors”.
The company’s interests in Malta and overseas include a 58% stake in International Hotel Investments (IHI – the owner of the Corinthia brand), 25% in the Malta Fairs & Conventions Centre (MFCC) and 50% in Mediterranean Investments Holding (MIH), which owns the Palm City residences in Libya.
It has a 65% stake in Danish Bakery and 100% stakes in Palace Landscaping, Palace Concierge and Palazzo Leone.
CPHCL has also acquired full ownership of Swan Laundry and Dry Cleaning Limited, Quality Talent Ltd (RQT) and properties in Malta, Turkey, the Czech Republic, Budapest, Libya, and Tunis.
It is a 50% partner in a JV with Attard Brothers, with plans to develop and sell residential and commercial properties.