FIMBank plc issues 4.25% €25 million bond issue with a €10 million over-allocation option

International factoring bank FIMBank plc has announced the issue of a 4.25% €25 million bond issue subject to an over-allotment option of a further €10 million.

30 September 2010, 12:00am
by Charlot Zahra

1 min read

The bank explained that proceeds from the issue would be used to “provide funding for the company’s longer-term international trade finance business”.

The news was revealed in a company announcement on the Malta Stock Exchange (MSE) shortly after 1pm today by company secretary Marcel Cassar.

The Bank explained that the bond would be “in either or each of the € and US Dollar denomination”.

An application had already been made with the Malta Stock Exchange (MSE) for the listing and trading of these bonds on the exchange.

FIMBank explained how the bonds would be offered to the general public at their par value of €100 or US$100 respectively.

Preferred applicants – bank shareholders and bondholders, as well as company directors and employees – in both instances as at 30 September 2010, would be entitled to subscribe to the bonds at a preferential discount of 1% to their par value, that is, at €99 and/or US$99.

The bank also explained that “within certain conditions”, preferred applicants would also be entitled to preferential allocations.