5.75% CENTRAL BUSINESS CENTRE PLC 30.12.2021

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Central Business Centres plc - Final Terms dated 22 December 2014

The Company

Central Business Centre plc (the Issuer) was established on 20 June 2014 to carry out the business of a finance, investment, property development and property-owning company. The Issuer is owned by the same individual shareholders who own S.M.W. Cortis Limited (involved in the import and distribution of timber and wood products; the design, manufacture and installation of aluminium, timber and glazing). However, the Issuer and S.M.W. Cortis Limited do not form part of the same group of companies. In this respect, the Issuer is not dependent on the financial performance, business prospects and outlook of the Cortis Group.

The Issuer plans to make the following acquisitions:

i. The Zebbug Business Centre comprising 1,509 square metres of office space complimented with 27 car spaces for a consideration of €3.7 million. The Business Centre is already in operation with the office space 100% occupied whilst 74% of available parking spaces are currently rented out to third parties.

ii. The Gudja Business Centre which is currently in shell form for a consideration of €2.4 million. The Issuer is expected to spend a further €0.5 million in finishing works, after which, this centre is expected to comprise 1,365 square metres of office space, 555 square metres of commercial space and 19 car sapces.

iii. Two adjoining sites, referred to as Villa Fieres and the Villa Fieres Site, having a total footprint of 1,977 square metres for a total consideration of €6.5 million. A further €3 million will be used to restore Villa Fieres to its original state whilst developing the adjacent site into the St. Julian’s Business Centre comprising 2,360 square metres of office space coupled with 7 retail outlets.

Use of Proceeds:

The net proceeds from the first tranche, estimated at €2.9 million after issuance costs, were principally used by the Issuer for the following purposes:

  • the first €2.3 million were used to acquire the Zebbug Central Business Centre ;
  • to finance demolition and excavation works of the St. Julian’s Central Business Centre (circa €0.2 million);
  • to finance finishing works on the Gudja Central Business Centre (circa €0.35 million); and
  • the balance will be used for general corporate funding purposes of the Group (circa €0.05 million).

Status:

The Bonds are unsecured debt obligations of the Issuer ranking equally with all the Issuer’s other present and future unsecured obligations.

However, the repayment of principal and interest under the Subordinated Loan Agreements (entered into with companies forming part of the Cortis Group) is subordinated to all monetary obligations of bondholders under the Bond Issuance Programme.

Coupon

5.75%

Amount Issued:

€3 million

ISIN Code:

MT0000881202

Issue Price:

100% (par)

Interest Payment:

Semi-Annually on 30 June & 30 December

XD Dates:

8 June & 7 December

Maturity:

The bonds will mature at 100% (par) on 30 December 2021.

Listing:

Official List of the Malta Stock Exchange

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