The Board of Directors of Gap Group p.l.c. (the “Company”) is pleased to announce the issue by the Company of €21,000,000 secured bonds maturing in 2026, or earlier at the discretion of the Company between 30 December 2024 and 29 December 2026, with an interest coupon of 3.90% and payable annually in arrears (the “Bonds”). Application has been made for the Bonds to be admitted to the Official List of the Malta Stock Exchange.
The amount of €19,247,300 of Bonds are exclusively available for subscription by holders of the €19,247,300 Gap Group p.l.c. 4.25% Secured Bonds 2023 (“Original Bonds”) appearing on the register as at 26 November 2021 (“Eligible Applicants”). In this respect, the Company is inviting Eligible Applicants to subscribe to the Bonds by surrendering all or part of their respective Original Bonds, and in so doing, shall benefit from a premium of 1.25% on the nominal value of Original Bonds being surrendered.
The premium shall be paid through a direct bank transfer by the Company following the unconditional allocation of the Bonds.
The net proceeds from the Bond Issue amounting to €20.6 million shall be applied as follows:
- to acquire a site in Qawra for the consideration of €8 million and a further €1 million shall be directed towards the construction thereon of residential units. The rest of the project will be financed from the Group’s cash flows; and
- (ii) €11.6 million shall be utilised to develop and complete the projects in Qawra and Mosta which sites were acquired with proceeds raised from the issue of €21 million 3.7% secured bonds 2023 – 2025 in December 2020.
Full details about this Bond Issue are set out in the Prospectus dated 6th December 2021 which can be found here.
If you are interested in applying, please send us a Secure Mail or contact your Relationship Manager.
For further information, please call us on (+356) 2557 4400 or send an email to customerservice@medirect.com.mt.
The information set forth in this article is only for informative purposes and should not be construed as an offer to sell or solicitation of an offer to subscribe for or purchase any investment. The information provided is subject to change without notice and does not constitute investment advice or any guarantee of returns.
Please consider the terms and conditions governing the relevant investment prior to making any investment decision. Investors should note that at worst they may lose all of their invested principal in the event of default, insolvency and/or bankruptcy of the relevant issue. The financial instruments discussed may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.
MeDirect Bank (Malta) plc has based this document on information obtained from sources it believes to be reliable but which have not been independently verified. MeDirect Bank (Malta) plc does not therefore provide any guarantees, representations or warranties. The value of any investment or income may go up as well as down and past performance is no guarantee of any future performance. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on your investment.
MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority under the Banking Act (Cap. 371) and the Investment Services Act (Cap. 370). This material is intended only for the use of the recipient and shall not be reproduced in any way, whether in whole or in part, by the recipient. Any unauthorised disclosure, use or dissemination, either in whole or in part, of the material contained within is strictly prohibited.
