Bond subscription fully subscribed

Yacht Lift Malta plc has announced that the offer of €2,000,000 5.5% Secured Callable Bonds 2021-2025 of a nominal value of €100 per bond issued in terms of an admission document dated 6 September offered via subscription through Calamatta Cuschieri Investment Limited in its capacity as placement agent and manager, has been fully subscribed. Subscriptions closed on 13 September.

The original CAD dated 6 September had provided for part of the collateral to consist of a second ranking hypothec on two of the four security properties.

These properties were subject to a first ranking hypothec in favour of HSBC Bank Malta plc.

Subsequent to the issue of the CAD, the first ranking hypothecs in favour of HSBC Bank (Malta) plc were settled in full and released.

The collateral provided for the fulfilment of the issuer’s obligations, in terms of the Bond Issue and pursuant to the Supplement, will now be that of a first ranking hypothec on each of the two aforementioned properties, rather than a second ranking hypothec, thus enhancing the quality of the collateral held by the Security Trustee on behalf of the bondholders. This change was fully disclosed and explained in the supplement dated 3 October.

Interest on the bonds at the rate of 5.5% per annum began to accrue on 13 September and shall be payable annually in arrears on 12 September of each year, with the first interest payment falling due on Monday, 14 September 2020.

The bonds were admitted to trading on the Prospects Market on 9 October and trading commenced on 10 October.