MedservRegis plc - Details of New Notes Issue

On 9 April, Medserv plc issued a formal notice in connection with the issue of €7 million Notes being the second and the last tranche to be issued under its €20 million Secured and Guaranteed Debt Issuance Programme. Rizzo, Farrugia & Co. (Stockbrokers) Ltd has entered into a subscription agreement with Medserv plc for an amount of €4 million Tranche II Notes.

Details of the second tranche of Notes are available below.

Coupon:

6.0%

Amount Offered:

€7 million

Issue Price:

101.50%

Yield to Maturity:

5.79% per annum

Yield to First Call:

5.72%

Interest Payment Date:

Semi-annually on 31 March and 30 September

Merge Date:

On 30 September 2014, being the first interest payment date of the second Tranche of Notes, the two Tranches will be merged into one.

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 second Tranche of Notes, estimated at €6.96 million after issuance costs, will be principally used by the Issuer as follows:

i)             to on-lend circa €5.6 million to the Guarantor to enable it to purchase additional plant and machinery for the Medserv Site and to finance improvements to the Hal Far site;

ii)            to finance further improvements and/or the development of the Group’s existing base in Cyprus (circa €1.2 million).

Deadline for Submission of Applications:

Tuesday 29 April 2014 at 10:00hrs BUT the offer may be closed earlier at our discretion

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 Risk Factors contained in the Prospectus, Supplements and Final Terms. 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 – 2013 Annual Report

 

Medserv plc – Prospectus – 12 August 2013

Medserv plc – Supplement – 30 August 2013

Medserv plc – Supplement – 7 April 2014

Medserv plc – Financial Analysis Summary – 7 April 2014

Medserv plc – Final Terms – 7 April 2014

 

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 as Supplemented on 30 August 2013 as well as the Supplement and Final Terms dated 7 April 2014 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.