Issue of €21 million in bonds – Gap Group p.l.c.
3.7% Gap Group plc Series I Bonds due 2023 – 2025
Gap Group plc have announced the issuance of a €21,000,000 bond with a nominal value of €100 per series I bond issued at par and redeemable on December 18, 2025 or, at the sole option of the issuer, any date falling between December 18, 2023 and December 17, 2025. The series I bonds bear interest at the rate of 3.7% per annum on the nominal value. A minimum application of €2,000 in multiples of €100 thereafter applies.
The series I bonds constitute the general, direct, unconditional and secured obligations of the Issuer and shall be guaranteed in respect of both the interest due and the principal amount by the Guarantor. The series I bonds shall at all times rank pari passu without any priority or preference among themselves. The series I bonds are secured by the following collateral constituted in favour of the Security Trustee for the benefit of Bondholders:
- a second-ranking general hypothec over the Issuer’s assets, present and future, for the full nominal
value of the Series I Bonds and interest thereon; - a first-ranking general hypothec over the Guarantor’s assets, present and future, for the full nominal value and interest thereon;
- a first-ranking special hypothec over the Mosta Site and the Qawra Site (on which the Mosta Development and the Qawra II Development shall be constructed, respectively) for the full nominal value of the series I bonds and interest thereon;
- a special privilege pursuant to article 2010 (c) of the Civil Code for the amount of €15.7 million and
- a pledge over the proceeds for any insurance policy
Prospective clients should refer to the Securities Note dated 20th November 2020 which may be obtained by e-mail on request, or which may be viewed when you click here
For more information, please call on Freephone 8007 2206, to set-up an appointment with our Investment Advisors at one of our branches in Hamrun, Valletta, Birkirkara or Ta’ Xbiex. We will be pleased to answer any queries you may have on this issue and assist in the completion of all the necessary forms.
This information is not intended to constitute an offer or agreement to buy or sell investments. The investment referred to in this document may not be suitable or appropriate for every investor. No liability is accepted whatsoever for any loss howsoever arising from any information in this document. The value of investments can go down as well as up. Investors may get back less than their initial investment and past performance is no guarantee of future performance. Jesmond Mizzi Financial Advisors Limited or any connected company, their clients, officers and employees may have a position or engage in transactions in the bond issue.