Tumas Investments plc - Details of New Bond Issue

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.

Coupon

6.2%

Amount Offered:

€20 million

Over-allotment Option:

€5 million

Issue Price:

100% (par)

Guarantor:

Spinola Development Company Limited

Interest Payment Dates:

Semi-Annually on 9 January & 9 July

Maturity:

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.

Listing:

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.

Security:

Unsecured

Downloads:

Tumas Investments p.l.c. – Prospectus 9 June 2010

Tumas Investments p.l.c. – Summary 9 June 2010

Tumas Investments plc – Authorisation to Apply Form – Jun 2010

Tumas Investments p.l.c – Bond Presentation – May 2010

Should you be interested in obtaining a copy of our research note including our recommendation kindly send us an email on info@rizzofarrugia.com

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