Endo Finance p.l.c. announces €23,000,000 5.75% Guaranteed & Partially Secured Bonds maturing in 2036 

Endo Finance p.l.c. has announced the issuance of €23,000,000 Bonds carrying a coupon of 5.75% and a term of 10 years until 2036, with each bond having a nominal value of €100 and being redeemable at par upon maturity. 

The Bond Issue is intended to refinance existing debt and support the continued growth of Endo Group, an international shipping group specialising in the acquisition, financing, management and chartering of commercial oil tankers. 

Find out more details on the Prospectus below. 

Business overview 

Endo Group is an international shipping group established in Malta, through the Guarantor, Endo Ventures Ltd, incorporated in June 2018. The Group is engaged in the acquisition, financing, management and chartering of commercial oil tankers, with vessels trading internationally. 

The Group’s fleet currently comprises 5 vessels – Mumtaz, Endo Sirocco, Endo Ponente, Endo Gregale and Endo Ostro – chartered to third parties for the transportation of petroleum products and ship-to-ship bunkering operations in Maltese territorial and international waters, supported by robust risk management, compliance and governance frameworks. 

The vessels are managed by internationally recognised ship managers, including Bernhard Schulte Shipmanagement Ltd and Intership Management Limited, which provide crew, management, repairs, maintenance, navigation and operation of the fleet.  

A key feature of this Bond Issue is its partial security package, comprising first-priority mortgages over the Endo Gregale and Endo Ostro vessels and pledges over their insurance proceeds, in favour of the Security Trustee for the benefit of Bondholders, in addition to the joint and several guarantee provided by Endo Ventures Ltd. 

The Group continues to seek opportunities to acquire vessels to strengthen and consolidate its fleet, capitalising on opportunities in the international time charter market, while ensuring the vessels are dry-docked and maintained in line with industry and regulatory requirements. 

Financial Highlights 

Endo Ventures Ltd (the Guarantor) reported consolidated total assets of approximately €60.3 million as of 31 December 2025, supported by total equity of approximately €19.2 million. The Group generated approximately €17.1 million in revenue during the year and reported a net profit of approximately €0.5 million.  

Operating profit for the Group increased to approximately €2.9 million in 2024 and remained broadly consistent at approximately €2.9 million in 2025, with total consolidated liabilities of approximately €41.0 million, including €25.0 million in bond borrowings, as of 31 December 2025. 

Use of proceeds 

The net proceeds from the Bond Issue will be utilised for: 

• Purchase/redemption of the 2022 Notes (€4,800,000) 

• Redemption of the outstanding 2023 Notes (€7,000,000) 

• On-lending of approximately €6,000,000 to Endo Gregale Maritime Ltd. to settle a lease liability relating to the Endo Gregale 

• General corporate funding purposes of the Group (approximately €4,740,000) 

Exchangeable Bonds for existing noteholders 

Holders of the following Endo Finance p.l.c. notes may apply to exchange their existing holding for the new Bonds, in priority to other applicants: 

• 6% Endo Finance p.l.c. 2027 Notes – €4,800,000 currently in issue. These notes are not callable: Noteholders who do not exchange will continue to hold their notes, which will run until the original 2027 maturity date. 

• 7.5% Endo Finance p.l.c. Unsecured 2024-2027 Notes – €7,000,000 currently in issue. These notes are callable: Noteholders who do not exchange will have their notes redeemed within a few weeks of this Bond Issue. 

Bond highlights 

Term	Detail
Issuer	Endo Finance p.l.c.
Guarantor	Endo Ventures Ltd
Amount	€23,000,000
Coupon	5.75%
Term	Bonds due 2036
Status	Guaranteed & Partially Secured
Issue Price	At par
Listing	Malta Stock Exchange

The minimum subscription amount is €2,000 with additional subscriptions accepted in multiples of €100. 

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.   

There are no application fees associated with subscribing to this Bond Issue. 

Customers may apply through the following channels: 

Online 

Applications can be submitted through the Moneybase platform, available on iOS, Android, and web. To apply, search for the bond within the platform and complete your application in just a few steps. 

5.75% Endo Finance p.l.c. 2036 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370.