MeDirect Bank’s bond application approved

The Board of Directors of MeDirect Bank (Malta) plc has announced that earlier this week it obtained regulatory approval for admission to listing of the Euro equivalent of €35,000,000 subordinated unsecured bonds, having a coupon rate of 4% payable annually in arrears.

The Bonds will be issued at par in series denominated in Euro and Pounds Sterling and shall be redeemable, at the par value of the Bonds, between 2024 and 2028 at the option of the issuer, but in any case by not later than 5 November 2029, in accordance with the terms of the prospectus dated 7th October 2019.

Application forms featuring the option to subscribe for Bonds by means of Exchangeable Bond Transfer shall on the 14th October be mailed to all holders of existing bonds registered as such on the register of holders of Existing Bonds maintained by the CSD as at the cut-off date.

Subscription for bonds by way of Exchangeable Bond Transfer and Excess shall be available up to an aggregate amount equivalent to €25,000,000. The remaining €10,000,000 in Bonds and any amount which is not subscribed for by existing bondholders by way of Exchangeable Bond Transfer and Excess will be available for subscription by the general public through an Intermediaries’ Offer.

In order to facilitate the Exchangeable Bond Transfer process, the issuer has sought, and has been granted authorisation to suspend trading of the existing bonds on the Official List of the Malta Stock Exchange with effect from today until the lapse of the Offer Period on the 23rd October.