Mizzi Organisation Finance plc - New Bond Issue

Friday, October 30th, 2009

On 30 October 2009, Mizzi Organisation plc announced a €25 million bond issue at a coupon of 6.2% per annum. The bonds have a final maturity date of 30 November 2019 but may be redeemed anytime between 30 November 2016 and 30 November 2019. The Issuer also reserves the right to increase the amount up to a further €5 million in the event of over-subscription.

Coupon

6.2%

Amount issued

€25,000,000 (with an over-allotment option of up to a further €5,000,000).

Issue Price

Mizzi Applicants: 97.50%

2002 Bondholders: 100%

General Public: 100%

Interest Payment

Semi-Annually on 31 May and 30 November.

Maturity

The bonds will be redeemed at 100% (par) on 30 November 2019.

Guarantors

Joint and several guarantee by Mizzi Holdings Ltd, Kastell Ltd, Consolidated Holdings Ltd and The General Soft Drinks Company Ltd.

Subscription date for Mizzi Applicants & 2002 Bondholders

Thursday 19 November 2009

Preplacement

Friday 20 November 2009

General Public Offer Period

Monday 23 November 2009 to Friday 27 November 2009 (or earlier at the Issuer’s discretion)

Minimum application for bonds

Preplacement Stage: €10,000 and in multiples of €100 thereafter
General Offer Stage: €2,000 and in multiples of €100 thereafter.

Listing

Official List of the Malta Stock Exchange

Use of Proceeds

The Issuer has reserved €24 million from this bond issue of €25 million (or €30 million if the allotment option is exercised) for existing 2002 Bondholders who accept the exchange offer being made to them. The remaining net proceeds from this bond issue will be used to redeem on 31 May 2010 any 6.7% Bonds which were not surrendered during this exchange offer and to partly refinance some bank borrowings of the guarantors to this bond issue.

Downloads

Mizzi Organisation Finance plc – Prospectus 29 October 2009

Mizzi Organisation Finance plc – Authorisation to Apply Form

Mizzi Organisation – Corporate Brochure

Mizzi Organisation Finance plc – Information Memorandum

Mizzi Organisation – Combined Financial Statements

Should you be interested in obtaining a copy of our research note including our recommendation, kindly send us an email on info@rizzofarrugia.com.

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