A €15 million 7.5% seven-year bond issue by Mediterranean Investments Holding plc (MIH) was over-subscribed on the first day of its offer period. MIH exercised its over-allotment option of €5 million, thereby raising the value of the issue to €20 million. Camilleri Preziosi were legal advisers to the issuer.
The bond was issued to finance further expansion projects in Libya and North Africa. The proceeds of this bond issue, the second by MIH in less than a year, are to be utilized to finance large-scale developments in Libya forming part of the company’s growing portfolio of investments which already includes the Palm City Residences Project.
MIH continues to source investment opportunities, targeting real estate developments and is now considering three new opportunities for large scale developments in Libya – a high-end office, retail, residential and commercial property located in the centre of Tripoli, an upscale village in Misurata and residential units, retail and leisure facilities in Fawar on the Tripoli seafront.