News | Wednesday, 03 March 2010

€15m Corinthia bonds oversubscribed

A €15m bond offer issued by Corinthia Finance p.l.c. was closed within minutes of its opening because of oversubscription. In a statement, the company announced that “the €15 million 6.25 per cent 2019 bond issue was over-subscribed and closed immediately after opening.”
Corinthia group chairman and CEO Alfred Pisani stressed his satisfaction at the positive response by the public: “We are very satisfied with the positive response generated by this bond issue. Once more, this success underlines the strong reputation enjoyed by the Corinthia Group,” he said.
Corinthia Finance p.l.c. was incorporated in 1999 as a financing arm for Corinthia Palace Hotel Company Limited to enable the latter to undertake the ownership, development and operation of real estate developments. Through its subsidiary companies, CPHCL is currently engaged in completing existing projects and developing new sites in various overseas territories with an approximate total value of over €850 million worth of investments.
The net proceeds from the bond issue will be principally used to redeem the outstanding amount of the 6.5 per cent bonds which mature on April 8, 2010, and amount to €14,273,700.
The Corinthia Group is currently engaged in developing and completing projects in Libya, London and in St Petersburg Russia.

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