On 12 December 2008, MIDI plc announced that it issued a Prospectus in connection with a €30 million bond issue available in euro and sterling. The new bonds are for a 10-year period (with a maturity date of 15 December 2018 or earlier at the discretion of the issuer between 15 December 2016 and 14 December 2018) and carry a coupon of 7% per annum. The Company reserves the right to increase the amount up to an equivalent of €10 million.
A pre-placement exercise will take place on Monday 12 January 2009 for a total amount of subscriptions not exceeding 40% of the aggregate bond offering. Meanwhile subscriptions for the General Public Offer open on Tuesday 13 January 2009 and close on Tuesday 20 January 2009 or earlier in the event of over-subscription. Applications for the euro bonds are for a minimum of €2,500 (nominal) and in multiples of €100 thereafter. Meanwhile applications for the sterling bonds are for a minimum of £2,000 (nominal) and in multiples of £100 thereafter. MIDI has submitted an application for the bonds to be admitted to the Official List of the Malta Stock Exchange.
MIDI plc is a consortium originally formed in 1992 in response to a request for proposals issued by the Government of Malta for the development of Manoel Island and Tign