Medserv plc - Details of First Tranche of Notes

Monday, September 2nd, 2013

On 2 September 2013, Medserv plc announced that the Listing Authority approved a Supplement (dated 30 August 2013) to the Prospectus dated 12 August 2013 which was issued in respect to a €20 million Secured and Guaranteed Debt Issuance Programme.

Furthermore, Medserv plc also issued the Final Terms (dated 30 August 2013) of the first series and tranche under the Programme. Details of the first tranche of Notes are available below.

Coupon:

6.0%

Amount Offered:

€13 million

Issue Price:

100% (par)

Interest Payment Date:

Semi-annually on 31 March and 30 September

Maturity:

The bonds will mature at 100% (par) on 30 September 2023 but may be redeemed early at 100% (par) at any date between 30 September 2020 and 30 August 2023 by giving not less than 30 days notice.

Status:

The Issuer’s obligations under the Notes (including the payment of principal and interest to Note Holders) shall be guaranteed by Medserv Operations Limited, a wholly owned subsidiary of the Issuer (the “Guarantor”). The Guarantor is a private limited liability company registered in Malta in terms of the Companies Act. The Guarantor shall also provide a general hypothec and special hypothec over the emphyteutical rights it holds over a property situated at the Malta Freeport. The security granted by the Guarantor shall be held by HSBC Bank Malta p.l.c. on trust for the benefit of Note Holders.

Use of Proceeds:

The net proceeds from the issuance of the first tranche of Notes, estimated at €12.6 million after issuance costs, will be principally used by the Issuer as follows:

i) to on-lend €3.5 million to the Guarantor to enable it to prepay and cancel its current loan and overdraft facilities;

ii) to finance the installation and completion of the photovoltaic farm and related infrastructure by on-lending the funds to the Guarantor (approximately €5 million);

iii) to finance improvements and/or the development of the Group’s existing base in Cyprus and possibly other bases identified for this purpose by the Issuer (approximately €2.8 million);

iv) to finance the Group’s working capital in the amount of €1.3 million.

Deadline for Preplacement Applicants:

19 September 2013

Opening of General Public Offer Period:

23 September 2013

Closing of General Public Offer Period:

27 September 2013 or earlier in the case of over-subscription

Minimum application (both for preplacement and general public offer):

€2,000 and in multiples of €100 thereafter.

Listing:

Official List of the Malta Stock Exchange

Disclaimer:

The value of investments may increase as well as decrease and past performance is not an indication of future performance. Prospective investors are urged to read the Prospectus especially the Risk Factors contained in section 6. Prospective investors are urged to consult an independent financial adviser for advice prior to investing in the Notes.

Downloads:

Medserv plc – Corporate Profile

Medserv plc – Presentation to Financial Intermediaries dated 2 September 2013

 

Medserv plc – Prospectus – August 2013

Medserv plc – Supplement dated 30 August 2013

Medserv plc – Final Terms dated 30 August 2013

 

Authorisation To Apply Form

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

 

Rizzo, Farrugia & Co. (Stockbrokers) Ltd acted as Sponsor to the Medserv plc Debt Issuance Programme

This webpage has been prepared based on the Prospectus (dated 12 August 2013), Supplement (dated 30 August 2013) and Final Terms (dated 30 August 2013) issued by Medserv plc, and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with regard to the accuracy of the data. This webpage is for information purposes only. It is not intended to be and should not be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.

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