M.C.B Stockbrokers Limited is acting as Sponsoring Broker for the public offer of Secured Fixed and Floating Rate Notes being issued by ENL Limited (the “Notes”) which will be listed on the Stock Exchange of Mauritius.
| Issuer | ENL Limited | ||
| Currency | MUR | ||
| Tenor | 5-year | 7-year | 15-year |
| Tranche Reference | ENL-01-FRN-122028 | ENL-01-FLN-122030 | ENL-01-FLN-122038 |
| Targeted nominal amount per Tranche (MUR)* | 500 million | 1.5 billion | 500 million |
| Interest rate p.a. | 5.00% (Fixed) | Key Rate+1.25% (Floating) currently 5.75% | Key Rate+1.75% (Floating) currently 6.25% |
| Security package | First rank mortgage over certain plots of land (valuation to be at least 1.2x of nominal value of Notes to be issued under these Tranches) | Share pledge in Rogers and Company Limited (valuation to be at least 1.3x of nominal amount of Notes to be issued under this Tranche) which will be substituted by first rank mortgage over certain plots of land by 30 June 2024 (valuation to be at least 1.2x of nominal value of Notes to be issued under this Tranche) | |
| Interest frequency | Quarterly | ||
| Issue and Redemption Price per Note | MUR 1,000 | ||
| Minimum subscription amount | MUR 100,000 | ||
| Maximum issue size | MUR 2.5 billion | ||
| Use of proceeds | The proceeds of the Issue will be used to refinance existing indebtedness (existing notes and, in case of oversubscription, existing bank facilities) of the Issuer | ||
| Rating of the Notes | CARE MAU A+ (Stable) | ||
* Prospective Investors should be aware that the Issuer may, in its sole discretion, allocate different amounts across any Tranche provided that the aggregate nominal amount of the Notes raised does not exceed the maximum issue size.
| Offer Start Date | 30 October 2023 | |||
| Offer End Date | 6 December 2023 | |||
| Settlement Date | 11 December 2023 | |||
| Issue Date and Interest Start Date | 18 December 2023 | |||
| First Listing and Trading Date | 18 December 2023 | |||
Other terms and conditions of the offer, including risk factors not limited to credit risk, default risk, interest rate risk, liquidity risk and market risk are explained in the Prospectus. Investors should read and understand the Prospectus and the risks associated with the Notes before subscribing.
Investors should note that their capital may be at risk if ENL Limited defaults on its capital repayment obligations.
Please contact MCB Stockbrokers on (230) 207 6868 or by email on [email protected] to obtain the application documents.
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