ISINMT0002351204MT0002351212 
InstrumentSecured BondsSecured Bonds
ListingOfficial ListOfficial List
Issue Date18/06/2020 18/06/2020
Amount€14,000,000 €26,000,000 
Maturity20262032
Coupon4%4.5%

Issuer Profile

Shoreline Mall p.l.c. is involved in the acquisition and disposal and/or development and operation of the various immovable properties within and constituting Shoreline Mall Complex. 

Currently the largest project of its kind being developed in the South of Malta, Shoreline Mall Complex is a mixed-used development. It consists of a total gross area of approximately 25,000 sqm spread on 2 floors that includes 44 separate outlets, several pop-up retail spaces, as well as a food court. Designed by one of Europe's leading retail architectural firms Haskoll, the mall will offer customers an eclectic mix of retail, leisure, catering and entertainment in a clean and car-free setting. The complex also features 3 levels of underground parking with a total of 848 parking spaces open to the public. 

Additionally, the Shoreline Residence project, undertaken by Shoreline Residence Limited, a related entity within the Shoreline Group of companies, features a choice of residential units offering luxury accommodation and community amenities such as restaurants, a spa and swimming pool. Units consist of apartments, duplexes and penthouses, all offered highly finished and with a wide choice of sizes, layouts and orientations. 

Issuer Need

The Shoreline Complex strived to position itself as one of the most modern and innovative malls in the Maltese Islands and to create a unique destination within SmartCity Malta.

Operating in a highly competitive market, the company required financing to reach its objectives and to finance the construction of the complex. Raising capital through a bond issue was regarded as the most appropriate solution for the size of funding required. 

Solution

Calamatta Cuschieri structured a 2 series €40 million bond issue split into a 6-year bond and a 12-year bond in order to generate the necessary cashflow needed to complete the project. 

In effect, the entirety of the issue proceeds will be used to cover civil and construction costs, finishing costs, as well as other costs related to the project such as excavation works and professional fees.