The following is a Company Announcement issued by Izola Bank p.l.c. (“the Bank”) pursuant to the Capital Markets Rules.
Basis of Acceptance for Bond Issue
Izola Bank p.l.c. (the “Issuer”) is pleased to announce the basis of acceptance for the issue of up to €14,000,000 5% Unsecured Subordinated Bonds 2027-2032 (the “Bonds”), which Offer Period closed on 12 August 2022./span>
In terms of the prospectus dated 22 July 2022 (the “Prospectus”), the Issuer reserved the following amounts:
(i) up to €8,000,000 for holders of the 4.5% Izola Bank p.l.c. unsecured bonds 2025 (ISIN: MT0000531211) (the “Existing Bonds”) through the transfer to the Issuer of all or part of the Existing Bonds held by holders thereof as at 15 July 2022 (the “Cut-Off Date”) in settlement for the subscription for Bonds by such holders of Existing Bonds subject to a minimum application of €10,000, including cashtop-up as may be necessary; and
(ii) up to €6,000,000 for Authorised Financial Intermediaries applying for Bonds through the Intermediaries’ Offer.
The Issuer received from holders of Existing Bonds an aggregate total of €6,811,900 representing 56.77% ofthe total value of Existing Bonds outstanding as at the Cut-Off Date. Such amounts were allocated in full. The Issuer also allocated in full a total of €169,800 of cash top-ups received from holders of Existing Bonds for the purpose of satisfying the minimum application requirement of €10,000 per applicant.
Furthermore, holders of Existing Bonds applied for additional Bonds amounting to €1,597,500. The Issuer has satisfied the first €25,000 of subscriptions for additional Bonds and has allocated a further 5.39%, rounded to the nearest €100.
Amounts subscribed for by Authorised Financial Intermediaries through the Intermediaries’ Offer amounted to €7,587,800. As a result, all amounts received were scaled down proportionately by 20.926% to the reserved amount of €6,000,000.
Interest on the Bonds will commence accruing as from today 15 September 2022. The Bonds are expected to be admitted to listing on the Official List of the Malta Stock Exchange on 16 September 2022 and trading is expected to commence on 19 September 2022.
The outstanding amount of Existing Bonds has been reduced to €5,188,100. Trading in these bonds will resume as from 19 September 2022.
Once again, the Board of Directors would like to thank the existing bondholders who subscribed to the Exchange Offer for their continued confidence in the Bank over the years, the investing public and the participating Authorised Financial Intermediaries for their support in this third successful bond issue for the Bank.