3.50% SIMONDS FARSONS CISK PLC 13.09.2027

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Simonds Farsons Cisk plc - Prospectus dated 31 July 2017

The Issuer

Simonds Farsons Cisk plc traces its origins to 1928 and today is the parent of a group of companies engaged in three operational segments, as follows:

 

  • Brewing, production and sale of branded beers and beverages

This segment is the core business of the Issuer. It comprises Farsons’ own-branded beers and soft drinks (namely CISK and Kinnie) as well as other third-party brands of which the Issuer is the exclusive packager and distributor in Malta.

 

  • Importation, wholesale and retail of food and beverages, including wines and spirits

Through this segment, Farsons represents some of the world’s most renowned branded food and beverages.

 

  • Operation of franchised food retailing establishments

The subsidiaries under this segment operate fourteen restaurants and drive-thru under the franchise brands of Burger King, KFC and Pizza Hut.

 

Use of Proceeds

The net proceeds from the Bond issue, estimated at approximately €19.6 million after issuance costs, were used by the Issuer for the following purposes:

 

  • the redemption of the outstanding €15 million 6% Simonds Farsons Cisk plc 2017/20 bonds which were redeemed on 13 September 2017; and
  • the balance of €4.6 million for general corporate funding purposes, including the part-funding of a number of capital investment projects.

Status

The Bonds constitute the general, direct, unconditional and unsecured obligations of the Issuer and shall at all times rank pari passu, without any priority or preference among themselves and with other unsecured debt of the Issuer.

Furthermore, the bonds are governed by a negative pledge clause which essentially implies that the Issuer must, at all times, maintain a value of unencumbered assets greater than the outstanding principal amount of the Bonds plus one year’s interest. Further details in this respect can be found in Section 6.3 – “Negative Pledge” of the Securities Note on page 81 forming part of the Prospectus dated 31 July 2017.

Coupon

3.50%

Amount issued

€20,000,000

ISIN Code

MT0000071234

Interest Payment

Annually on 13 September (with the first interest payment date being 13 September 2018) 

XD Date

29 August

Maturity

The bonds will mature at 100% (par) on 13 September 2027.

Listing

Official List of the Malta Stock Exchange.

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