6.2% Tumas Investments plc 2017-2020

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Tumas Investments plc - Prospectus dated 9 June 2010

The Company

Tumas Investments plc is a fully owned subsidiary of Tumas Group Company Ltd. and was set up to act as a finance company. The Tumas Group has expanded significantly since its founding in the mid-1970’s by the late Chev. Thomas Fenech. It is today one of the largest private business groups in Malta, and comprises various enterprises active in the hospitality, leisure, tourism, property and automotive sectors. Tumas Investments plc is the finance vehicle of Spinola Development Company Limited (SDC). Tumas Investments also helps to refinance existing credit facilities enabling SDC to exploit its potential and seize new opportunities arising in the market.

Guarantor

Spinola Development Company Ltd. (SDC) is the guarantor of the bonds and was incorporated on 10 May 1966. It became a fully-owned subsidiary of Tumas Group Company Ltd in 1986. The Portomaso site was initially acquired from the Government on a temporary emphyteusis for 150 years which commenced on 19 May 1964. It was previously occupied by the Malta Hilton International Hotel up to February 1996 when the hotel was demolished to make way for the extensive redevelopment of the area. In December 2005 the temporary emphyteusis was redeemed with the freehold title being acquired by SDC. SDC is the owner of the site on which the Portomaso project is built. Portomaso is a unique waterfront development situated in the heart of St. Julian’s, Malta. Portomaso comprises a variety of complementary elements which include the Hilton Hotel and convention centre, up-market residential apartments, the business tower, commercial areas, extensive underground car parks and the marina. SDC owns 100% of the share capital of Portomaso Leasing Company Limited (which focuses on the leasing of the long term commercial and office components of the Portomaso project) and 100% of the share capital of Halland Developments Limited.

Security:

Unsecured

Coupon

6.2%

Amount Issued:

€25 million

Issue Price:

100% (par)

Interest Payment:

Semi-Annually on 9 January & 9 July

XD Dates:

18 December & 17 June

Maturity:

The bonds will mature at 100% (par) on 9 July 2020 but may redeemed early on any date between and including 9 July 2017 and 8 July 2020 by giving 30 days notice.

Listing:

Official List of the Malta Stock Exchange

Use of Proceeds:

The net proceeds from this bond issue amounting to approximately €24.5 million will be used to finance the redemption of the €16.3 million 6.7% bonds which will mature on 9 July 2009. The remaining proceeds will be advanced to SDC, pursuant to a loan agreement and utilised for the part re-financing of existing borrowings and for the general financing needs of SDC.

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