Herewith details of the new FIMBank plc bond issue:
A combined aggregate amount of €25 million equivalent.
A combined aggregate amount of up to €10 million equivalent.
Issue Price & YTM:
100% (par) giving a yield to maturity of 4.25% p.a.
Preferred Applicants’ (shareholders and bondholders of FIMBank) Offer Price & YTM:
99% giving a yield to maturity of 4.60% p.a.
Interest Payment Dates:
31 May and 30 November
The bonds will mature at 100% (par) on 30 November 2013.
Use of Proceeds:
The net proceeds will be applied by FIMBank to support its general funding requirements, more specifically the kind of business that tends to have a maturity cycle longer than 1 year. This is because the core business of the Bank, i.e. cross-border trade finance mainly with emerging markets, has been developing in such a way that transaction maturities, especially the more structured transactions, are growing longer, sometimes up to 3 years. Therefore, the proceeds of the bonds are intended to provide funding support for this type of business.
Status & Security:
Official List of the Malta Stock Exchange
Preferred Applicants’ & Pre-placement Closing Date:
22 October 2010
General Offer Period:
25 October 2010 to 29 October 2010
Minimum Application for bonds:
Preferred Applicants & Pre-placement: Minimum of €6,000 or US$6,000 (nominal)
General Public: Minimum of €2,000 or US$2,000 (nominal)
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