Excel Finance plc was set up in June 24 with the main aim of acquiring finance for other companies within the group to be able to fund business activities within the construction industry.
Excel Finance plc has applied for a bond of €50 million at an interest rate of 5.4% maturing in 2031, of a nominal value of €100 per bond issued at par.
Security
Fully secured by investment property
Issue Date
7 January 2025
Redemption Date
30 December 2031
Excel Finance plc as Issuer of the bond, may at any time purchase back bonds in the open market or otherwise, at any price. Furthermore, it may without consent of the bondholders, create and issue further debentures, bonds or any debt securities, either with the same terms and conditions or under new terms determined by itself.
The net proceeds of the bond issue will be utilised as follows:
- €25 million to refinance existing bank loans due by Excel MJD Ltd to FIMBank plc and by Excel Housing Ltd to Bank of Valletta plc, which bank loans were originally principally utilised to finance site acquisition and development and finishing of the Q Hub and acquisition costs of the Housing Properties;
- €8 million to develop, in shell-form, the Relevant Trading Projects of the group
- €16.1 million for general corporate funding purposes;
- €900,000 to finance bond issue costs
The Audit Committee is composed of Richard Abdilla Castillo (non-executive director), Albert Frendo (independent non-executive director) and Jean Paul Debono (independent non-executive director)
Mr. Debono who is a certified public accountant and practicing auditor, also acts as the chairman to the committee.
The group’s external auditors are Grant Thornton Malta, with registered office at Fort Business Centre, Level 2, Triq l-Intornjatur, Zone 1, Central Business District, Birkirkara CBD 1050, Malta.
