International Hotel Investments plc (IHI) has announced the issue of a EUR25m 10-year bond bearing an interest rate of 6.25 per cent per annum. The bonds are redeemable in 2020 but may be redeemed earlier, as from 2017 at the issuer’s option.

The proceeds from the bonds will be principally used to redeem the outstanding amount of the five per cent IHI convertible bond which matures on 29 May and to repay in full an existing loan facility.

Preference will be given to applicants holding the maturing five per cent IHI convertible bond who surrender their existing holding in favour of a holding in the new bond. Registered shareholders and bondholders of the Corinthia Group – including IHI, Corinthia Finance plc and Mediterranean Investments Holding plc – will also be given preference.

Application forms and copies of the Prospectus are available from authorised financial intermediaries. Subscriptions open on 24 March and the offer closes on 30 March or earlier if over-subscribed [...]

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