Prospectus launched for MIH bond issue

Application forms and copies of prospectus for a €30 million, 7-year bond issue by Mediterranean Investment Holdings p.l.c bearing an interest rate of 7.15% per annum payable annually as from 23rd July 2011, have been made available by today.

MIH director Joseph Fenech explained that the bond will partly finance the Medina Tower project in Tripoli, adding that the project would be financed jointly by MIH, International Hotel Investments p.l.c. and EDREICO, which together will contribute €125 million as equity contribution, or 42% of the total project cost.

The bond is being issued in three currencies, Euro, Sterling or US Dollars. The Bonds are redeemable in 2017, but can be redeemed earlier at the Issuer’s option as from 2015. In the case of over-subscription, the bond issue will be increased by €10 million up to a total of €40 million.

Subscriptions open on Monday 12th July 2010 and the offer closes on Friday 16th July or earlier if over-subscribed.

Mediterranean Investments Holding PLC engages in the development, management, and acquisition of real estate projects. The company was founded in 2005 as Mediterranean Investments Holding Limited and changed its name to Mediterranean Investments Holding PLC in November 2007. The company is a joint venture of Corinthia Group of Companies and National Real Estate Co.