ENDO Finance plc

Issuer Profile

The Endo Group is involved in the acquisition, financing, management and chartering of commercial vessels, in addition to providing ship to ship services. The Group has ship to ship bases in Malta, Augusta and Cyprus. The group currently owns an oil tanker used for the transportation of petroleum products and for bunkering operations. The group also operates in the business of transfer of any cargo between any sized ships with all ship to ship operations carried out as per Oil Companies International Marine Forum (OCIMF) guidelines. As part of its service the Group also offers the hire of Yokohama fenders and hoses used for the transfer of cargo from one ship to another.

Issuer Need

Today Malta has the largest ship registry in Europe, and the sixth largest world-wide. Notwithstanding this, only a handful of shipping companies are beneficially owned, financed, managed and commercially operated in and through Malta. The operational and commercial knowledge required to successfully manage tanker vessel fleets in Malta has increased and the Directors, in line with trends in other countries over recent years, have identified the bond market as the adequate tool for the financing of the purchasing of vessels. The directors were intentioned to acquire two additional commercial vessels in order to exploit opportunities in the international time charter market, as well as compliment and strengthen the operations of the Group, principally bunkering and the transportation of petroleum products.

Solution

Calamatta Cuschieri was approached by Endo Finance Plc to explore the optimal funding options to bring the Group’s vision in effect.  The €13,500,000 fully subscribed bond enabled the Group to increase its commercial vessels and expand its operations further.