Applications for the EUR10 million bond offering by GlobalCapital Financial Services Group plc, listed on the Malta Stock Exchange, closed within two hours of opening Thursday. The over-allotment option of EUR7 million has also been taken up, bringing the total bond issue to EUR17 million.
The allocation policy will be announced on 25 May 2006.
GlobalCapital chairman Christopher J. Pace said: “I am delighted at this enthusiastic take-up of our bonds. It shows a great deal of trust in our ability to forge ahead with our plans for taking GlobalCapital further forward. We now have the firepower we need to develop new and exciting areas of business.”
This was the first bond offering by GlobalCapital. It was underwritten by HSBC Malta Bank p.l.c. to the extent of 50%, and sponsored by HSBC Stockbrokers (Malta) Ltd. The bond matures in 2016, subject to an early redemption option that may be exercised in 2014 or 2015. The coupon rate is 5.6%.
Global Financial Services Group p.l.c. has applied for the listing and trading of the bonds on the Malta Stock Exchange official list.
The net proceeds of the bond will be used for general financing purposes by GlobalCapital. This includes the reorganisation of GlobalCapital’s inter-company borrowings, and funding of GlobalCapital’s expansion in its principal areas of business. This expansion covers, but is not limited to, life insurance, development of the pension fund administration and servicing capabilities, and investment in quality real estate in Malta and elsewhere.
Global Financial Services Group p.l.c. operates in four main areas of business: investment, insurance, property and pensions. It provides investment portfolio services for private clients, fund advisory services, back office administration, and corporate guidance for companies seeking listing on the Malta Stock Exchange. Global Financial Services Group p.l.c. is the Malta representative of health insurer BUPA, provides life insurance, acts as an insurance broker, and advises on pension planning. Its property business covers development, rental, resale, management and consultancy, and the operation of a real estate agency.
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