News | Wednesday, 01 July 2009

IHI bond offer over-subscribed

Finance raised for further expansion in Libya, Europe and beyond

International Hotels Investments p.l.c. (IHI) announced last night that the €30 million 6.25% 2019 bond issue was over-subscribed and closed on the first day of offer. IHI has also exercised the over-allotment option of €5 million, to accommodate up to €35 million worth of applications. This is the fourth bond issue by IHI to finance new acquisitions and developments in several overseas territories.
“This success gives us great satisfaction as it provides another testament to the strong reputation enjoyed by International Hotels Investments p.l.c.. The Chairman and Board of Directors of IHI are grateful to the Maltese public for the continued trust showed in our Company. As in IHI’s preceding bond issues, this bond issue also generated very positive response. I take this opportunity to thank the investors , the banks, all financial intermediaries and advisers for their support in making this fourth bond issue a success,” said Mr. Joseph Fenech, Managing Director of IHI.
International Hotel Investments p.l.c. (IHI) was launched as a publicly-traded company in 2000 by Corinthia Palace Hotel Company Limited, with the objective to acquire, develop and operate upscale hotels and ancillary real estate in Europe and beyond, principally in fast-evolving destinations.
In 2007, IHI welcomed Nakheel Hotels (formerly Istithmar Hotels) of Dubai as another major, strategic shareholder in the Company. Since 2006, IHI is also the principal shareholder in a hotel management company – CHI Limited (CHI) – in partnership with Wyndham Hotels Group of the United States. CHI is the nominated licensed operator of the Corinthia, Wyndham and Ramada Plaza brands across Europe, Africa and the Middle East.
To date, IHI has acquired and developed landmark hotel projects in Malta, Tripoli, Prague, Lisbon, Budapest, St Petersburg,. It also currently developing another two projects – one in London (set to open in 2010) and another in Benghazi.

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