Endo Finance p.l.c. launches €23 million 5.75% partially secured Bond Issue
Net proceeds from the Bond Issue are expected to amount to approximately €22.54 million
Malta-based Endo Finance p.l.c. (C 89481) has announced the launch of an issue of up to €23 million in 5.75% Bonds maturing in 2036, supporting the consolidation of the Endo Group’s financing structure and the continued development of its commercial vessel operations.
The Bond Issue will be guaranteed by Endo Ventures Ltd and partially secured through first-priority mortgages over the vessels Endo Gregale and Endo Ostro, which had a combined net book value of €20.3 million in the audited financials as at 31 December 2025. The security package also includes pledges over the proceeds of the respective vessel insurance policies, with the Collateral Rights being held and administered by the Security Trustee for the benefit of Bondholders.
The Prospectus mandates the creation of a Reserve Account, which will be under the control of the Security Trustee. The first contribution to the Reserve Account shall be made no later than 31 December 2027 and shall not be less than four hundred thousand euro (€400,000). Endo Finance p.l.c. shall make subsequent annual contributions to the Reserve Account such that, by the end of 2031 the aggregate balance standing to the credit of the Reserve Account is not less than twenty per cent (20%) of the aggregate nominal value of Bonds issued and outstanding under the Prospectus, and that, by the end of the Bond term, the aggregate balance standing to the credit of the Reserve Account is not less than fifty per cent (50%) of the aggregate nominal value of Bonds issued and outstanding under the Prospectus.
The Bonds will be issued in denominations of €100 at par and will carry a fixed annual interest rate of 5.75% per annum. Interest will be payable annually in arrears on 18 August, with the first interest payment falling due on 18 August 2027. The Bonds will mature on 18 August 2036.
Net proceeds from the Bond Issue are expected to amount to approximately €22.54 million. The proceeds will be used to purchase or redeem the outstanding €4.8 million 2022 Notes, redeem the outstanding €7 million 2023 Notes, settle approximately €6 million of the lease liability relating to Endo Gregale, and provide approximately €4.74 million in general corporate funding to the Group.
The minimum subscription amount is €2,000, with additional applications to be made in multiples of €100. The Offer Period opened on 16 July 2026 and will run until 12:00 CET on 7 August 2026, unless closed earlier by the Issuer.
Endo Finance p.l.c. was established as the financing vehicle of the Endo Group, raising capital and advancing funding to companies within the Endo Tankers Sub-Group. The Sub-Group’s principal activities include the acquisition, financing, management and chartering of commercial vessels.
The Group’s core commercial vessel portfolio includes Endo Ponente, Endo Gregale and Endo Ostro, which are chartered to third-party clients. Following the expansion of its fleet during 2023 and 2024, the Group’s focus during 2025 was on consolidating its operations, maintaining vessel utilisation and optimising the performance of its enlarged fleet.
Christopher Frendo, Executive Director of Endo Finance p.l.c., said: “The Bond Issue represents an important step in placing the Group’s financing structure on a longer-term footing following the investment made in expanding and strengthening our commercial vessel portfolio.
“It will enable us to refinance existing obligations, settle the lease liability associated with Endo Gregale and support the Group’s ongoing corporate funding requirements. Our focus remains on disciplined financial management, maintaining high vessel utilisation and supporting the long-term development of our core shipping operations,” he added.
Calamatta Cuschieri Investment Services Limited is acting as Sponsor, Manager and Registrar. Interested investors may subscribe through any of the Authorised Financial Intermediaries listed in the Prospectus.
The full Prospectus is available at www.endofinance.com and www.mfsa.mt.
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