Tumas Investments plc - Application for New Bond Issue

On 13 April, Tumas Investments plc announced that the Company has submitted an application to the Listing Authority requesting the approval of a Prospectus in respect of a new €20 million bond issue. The new bonds will be redeemable between 2017 and 2020 and will be subject to an over-allotment option of €5 million. The Tumas bonds will be unsecured and unsubordinated but guaranteed by the parent company Spinola Development Company Limited.

The proceeds of the new bond issue will be principally utilised to finance the redemption of the outstanding €16.3 million 6.7% Bonds while any remaining funds will be used to partly refinance existing bank facilities and for the general corporate funding requirements of the Guarantor.

In the announcement, Tumas Investments plc stated that it intends to give preference to the existing 6.7% Tumas Investments plc 2012 bondholders who indicate their willingness to surrender their existing holding in favour of the new bonds.

A Prospectus with further details will be published in due course once the necessary approvals will be obtained from the Listing Authority.

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