McDon­ald’s de­vel­op­men­tal li­cencee Premier Cap­i­tal plc launches 10-year €65 mil­lion bond is­sue

Malta Independent - - BUSINESS & FINANCE -

Premier Cap­i­tal plc, the McDon­ald’s di­vi­sion of Hili Ven­tures, has launched a €65 mil­lion bond is­sue ma­tur­ing in 2026. The un­se­cured bonds, at a nom­i­nal value of €100 per bond is­sued at par, bear an an­nual in­ter­est rate of 3.75 per cent.

Premier Cap­i­tal plc is giv­ing pref­er­ence to hold­ers of the cur­rent €24.6 mil­lion 6.8 per cent Bonds 2017-2020 who were on the reg­is­ter on 21 October 2016 to sub­scribe to this new bond is­sue by sur­ren­der­ing their ex­change­able bonds. Ex­ist­ing bond­hold­ers opt­ing to ex­change their hold­ing will con­tinue to earn an ef­fec­tive rate of 6.8 per cent un­til 15 March 2017. Bonds re­main­ing in is­sue as at 16 March 2017 will be re­deemed.

Pro­ceeds from the new bond is­sue will be used to re­pay bank fa­cil­i­ties in Malta and Latvia, partly re­pay bank fa­cil­i­ties in Ro­ma­nia and part-fi­nance the pro­jected cap­i­tal ex­pen­di­ture to open new McDon­ald’s restau­rants and ren­o­vate ex­ist­ing stores in 2017.

Premier Cap­i­tal plc is the De­vel­op­men­tal Li­cencee for McDon­ald’s in the Baltic States, Greece, Malta and Ro­ma­nia. It cur­rently op­er­ates 133 restau­rants in six coun­tries. The restau­rant net­work in­cludes 68 Drive Thru and 40 McCafe op­er­a­tions.

More than 100 mil­lion cus­tomers are served at McDon­ald’s restau­rants op­er­ated by Premier Cap­i­tal plc ev­ery year, thanks to an in­ter­na­tional team of 7,000 peo­ple. The Premier Cap­i­tal Group re­alises €230 mil­lion in an­nual turnover.

The first three McDon­ald’s restau­rants opened in Malta in 1995, growing to win a 70 per cent mar­ket share in the quick service restau­rant sec­tor. Premier Cap­i­tal was es­tab­lished in 2005 and took over the Malta op­er­a­tion be­fore ac­quir­ing the de­vel­op­men­tal li­cence for McDon­ald’s in Es­to­nia, Latvia and Lithua­nia in 2007 and in Greece in 2011.

In Jan­uary this year, Premier Cap­i­tal plc was granted the De­vel­op­men­tal Li­cence for McDon­ald’s in Ro­ma­nia, its largest mar­ket to date, with a net­work of 68 restau­rants in 21 cities and 4,000 peo­ple.

More in­for­ma­tion about Premier Cap­i­tal plc’s bond is­sue is avail­able from the prospec­tus dated 21 October, which is avail­able from au­tho­rised fi­nan­cial in­ter­me­di­aries or can be down­loaded from www.pre­mier­cap­i­tal.com.mt

Ap­pli­ca­tion forms are avail­able from 26 October from au­tho­rised fi­nan­cial in­ter­me­di­aries. Sub­scrip­tions open on 14 Novem­ber and close on 16 Novem­ber or ear­lier, if the bond is­sue is over-sub­scribed.

In­ter­est on the bonds com­mences on 23 Novem­ber, and re­funds of un­al­lo­cated monies will be made by 30 Novem­ber. The bonds are ex­pected to be ad­mit­ted to The Malta Stock Ex­change on 30 Novem­ber and trad­ing is ex­pected to com­mence on 1 De­cem­ber. Premier Cap­i­tal plc will an­nounce the ba­sis of ac­cep­tance of ap­pli­ca­tions and the al­lo­ca­tion pol­icy to be adopted by not later than Fri­day, 23 Novem­ber.

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