On 10 June 2010 Tumas Investments plc announced a €20 million bond issue at a coupon of 6.2% per annum. The bonds have a final maturity date of 9 July 2020 but may be redeemed early on any date between 9 July 2017 and 8 July 2020. The Issuer reserves the right to increase the amount up to a further €5 million in the event of over-subscription.
Spinola Development Company Limited
Interest Payment Dates:
Semi-Annually on 9 January & 9 July
The bonds will mature at 100% (par) on 9 July 2020 but may redeemed early on any date between and including 9 July 2017 and 8 July 2020 by giving 30 days notice.
Closing Date for Preferred applicants:
23 June 2010
General Public Offer Period:
Friday 25 June to Friday 2 July 2010 (or earlier in the event of over-subscription)
Minimum application for bonds:
Preferred Applicants: Holders of the maturing 6.7% Tumas bonds must round-up their holding to the nearest hundred or nearest thousand subject to a minimum application of €1,200.
General Offer Stage: €1,200 and in multiples of €100 thereafter.
Official List of the Malta Stock Exchange
Use of Proceeds:
The net proceeds from this bond issue will be used to finance the redemption of the €16.3 million 6.7% bonds which will mature on 9 July 2010. The remaining proceeds will be advanced to SDC pursuant to a loan agreement and utilised for the part re-financing of existing borrowings and for the general financing needs of SDC.
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