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Mariner Finance plc announced the offering of €30 million Bonds with an over-allotment option of a further €5 million. The interest payment on the bonds will be of 5.3% annually.
The Bonds constitute the general, direct, unconditional and unsecured obligations of the Issuer, and shall at all times rank equally, without any priority or preference among themselves and with other unsecured debt, if any.
However, the indebtedness of the Group includes bank loans and a third party loan which are secured by a number of pledges and mortgages. These new bonds rank after these borrowings. In addition, the Bonds would also rank after any future debts which may be secured by a pledge, mortgage, privilege and/or hypothec.
The net proceeds from the Bond issue, estimated at €29.3 million after issuance costs (or €34.3 million in the event of exercise of the Over-Allotment Option), will be principally used by the Issuer for the following purposes:
i) the first €20 million (or €25 million in the event of exercise of the Over-Allotment Option) will be used to refinance the loan agreement taken out by a subsidiary of the Issuer to acquire BCT as part of a recent overall corporate restructuring exercise;
ii) the remaining €10 million will be used by the Issuer to fund other investments related to the core business of the Group, namely, the ownership and/or management of ports and/or storage or logistics facilities.
The deadline for the general offer is Monday 23 June.
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