€30 million bond issue by Mariner Finance

Mariner Finance p.l.c. is offering the general public an amount of €30 million in bonds, with the potential to rise to €35 million in case of over allotment.

The unsecured bonds will be used for the refinancing of existing bank borrowings, possible acquisitions of other ports and logistical facilities, as well as corporate funding of the Group.

The bonds are being issued at an interest rate of 5.3% payable annually, at an issue price of €100 per bond and will be redeemed in 2024. The Company has applied for the Bonds to be listed and traded on the Malta Stock Exchange.

The Mariner Group plans to expand and grow its container terminal operations through selective acquisitions. Geographical preference of potential targets will include regions serviced by the European port system, such as the UK, the Baltic Sea area and the Mediterranean.

“Since we commenced operation of the Baltic Container Terminal in Riga in 1996, the company has grown to be the largest and fastest-growing container handling facility in the Baltic States,” said Chairman and CEO Marin Hili.

“We recently expanded our warehousing facilities to over 20,000 square metres, and plan to double them over the coming years. Further investment will go towards the acquisition of a new ship-to-shore quay crane, which will be commissioned later on this year, as well as increasing the terminal’s overall handling capacity,” Hili said.