Smartcare Finance revises property security backing €7.5 million bonds

Company releases hotel property from bond security

Smartcare Finance plc has announced changes to the collateral backing its €7.5 million 4.65% secured bonds issued in 2022.

The Company has released the special hypothec over Wing 1 of the Segond Boutique Hotel, which previously secured up to €3.5 million.

The change follows the conditions outlined in the Company’s original bond prospectus.

Care home security increased to €7.5 million

Following the Hotel’s release from the collateral arrangements, Smartcare Finance increased the special hypothec over a care home owned by Smartcare Pinto Limited.

The amount secured by this property has risen from €3 million to a maximum of €7.5 million, matching the bond issue’s nominal value.

The original arrangements also included a €1.5 million special hypothec over property in Tower Road, Sliema, owned by Smart Suites Limited.

Remaining arrangements unchanged

Smartcare Finance confirmed that all other collateral terms remain unchanged.

The revised security continues to operate through Smartcare Security Trust II, with the Security Trustee holding the relevant rights on behalf of bondholders.

A special hypothec gives creditors a legal claim over a specified property to secure repayment obligations.

The changes apply only to the Company’s 2022 bond issue, not its separate €11 million bonds listed in October 2026.

Smartcare Finance did not report any changes to the outstanding bond amount or provide updated property valuations.