A €50 million bond issue by Excel Finance p.l.c. has been fully subscribed following “overwhelming” interest from investors, the company said on Saturday.

Excel Finance is a lynchpin in the construction and real estate empire of Gozitan developers Joseph Portelli, Mark Agius and Daniel Refalo.

The company had announced the 5.4% secured bond issue earlier this month, saying it needed to raise money to refinance existing loans and wrap up construction and finishing costs of a mixed use development in Qormi known as Q Hub.

Around half the bond amount, €25 million, will be used for loan refinancing. The company says it will retain €16.1 million for “general corporate funding purposes” and allocate the remaining €8 million will be used for construction and finishing costs.

The bonds, which came with a minimum subscriber amount of €5,000 are due in 2031. They are guaranteed by Excel Investments Holdings Limited and secured by a first ranking special hypothec over Q Hub in Qormi and various residential properties owned by group companies.

In a statement, Excel said they were fully subscribed shortly after the offer period opened on December 4, 2024.

"The swift and successful uptake of our bond issue demonstrates strong investor confidence in Excel Group's business model and growth strategy," said the company’s board of directors. "We are grateful for the trust placed in us by the investment community.”

The bonds are expected to be admitted to listing on the Malta Stock Exchange by December 31, 2024, with trading commencing on January 3, 2025.