About the debenture

SIII a corporation organized and existing under the laws of the State of Delaware, USA. Will issue a US$ 50.4M 8% 5 year Convertible Bond due 2022. The Bonds will be secured against a hotel asset in Izmir, Turkey.

The holder of the Bonds will have the right to convert all or some of their holdings to SIII Common Stock during the ‘Conversion Period’ subject to the ‘Terms and Conditions’ as detailed in the ‘Offering Document’. The Shares are listed on the OTC Pink Sheet of OTC Markets, which is operated by OTC Markets Group, Inc. (‘OTC’).

The Bonds will only be offered to ‘Qualified Investors’ as per the definition of the Dubai Financial Services Authority (DFSA).

Strategy overview

The SIII’s investment objective is to invest in attractive yielding real estate assets and projects. The first asset being a 50.1% holding of the Marriot Renaissance Izmir Hotel located at Akdeniz Mah Gaziosmanpasa Bulvari No 16 Konak, Izmir, 35210 Turkey (the “Hotel”). SIII is purchasing (the “Acquisition”) 50.1% of the stock of Parsan Turizm A.S., the company that owns the Hotel, and is paying for the stock of Parzan Turizm by issuing these Bonds to the shareholders of Parsan Turizm.

Read the full term sheet...