SP Finance plc

Issuer Profile

The Sea Pebbles Group operates hotels and is also involved in the acquisition and financing of immovable property. The Issuer was set up and established to act as the parent company of the Group and as a finance vehicle. The Group owns and operates the Sea Pebbles Boutique Hotel, a nine-storey 52-room apart-hotel. It also operates the San Pawl Hotel and Pebbles St. Julian’s Hotel under lease.  
 

Issuer Need

The Group wanted to embark on an ambitious investment programme which included the acquisition of further property to enhance its existing portfolio as well as the refurbishment, upgrade and development of the hotel properties it owns/leases. Furthermore, the group wanted to restructure its existing bank debt and ensure sufficient liquidity for general corporate funding purposes. 

Solution

Calamatta Cuschieri were approached to assist in the issue of a €12,000,000 bond to be listed on the Maltese main market. The bond was fully-subscribed. The finance obtained enabled the Group to carry out the planned investment objectives. Part of the proceeds were used to acquire property in the form of a guesthouse and apartments, whereas additional funds were also utilised to finance the refurbishment and upgrade of the San Pawl Hotel, as well as the further development of the Pebbles St. Julian’s Hotel. 
 

Lastly, proceeds helped the Group repay outstanding facilities which had been utilised to develop and finish a number of residential units and the refurbishment of the Sea Pebbles Aparthotel amongst others.