On 25 July, MIDI plc announced its allocation policy in respect of its recent €50 million 4.0% 2026 secured bond offering. Overall, the Company received a total amount of 6,675 applications totalling €106,284,600 – representing a bid-to-cover of over two times.
The Company received a total of €30,799,600 from bondholders of the existing 7.0% Euro and Pound Sterling denominated bonds – representing circa 84% of the total value of the Euro bonds and circa 50% of the total value of the Pound Sterling bonds – which surrendered their respective Exchangeable Bonds into the new bonds. Such amounts were allocated in full. In addition, Existing Bondholders applied for a further €18,801,500. Such applications will be allocated the first €1,000 and 16.887% of the remaining balance rounded to the nearest €100.
Furthermore, MIDI plc received €12,175,900 from shareholders. Such applications will be allocated the first €1,000 and 9.545% of the remaining balance rounded to the nearest €100. Unsatisfied amounts received from eligible shareholders were also considered for allocation with applications received during the Public Offer Period which amounted to €44,507,600. Both the unsatisfied amounts received from shareholders and the general public applications will be allocated the first €1,000 and 16.887% of the remaining balance rounded to the nearest €100.
Existing bondholders who exchanged their bonds with the new bonds will be paid interest on the 7.0% Euro and Pound Sterling bonds being surrendered up to and including the 26 July 2016.
Interest on the new bonds will commence on 27 July 2016 and refunds of all unallocated monies will be made by 01 August 2016. Trading in the new bonds is expected to commence on 04 August 2016.
In the meantime, MIDI also confirmed that the deed/s pertaining to the postponements, waivers, reductions or cancellations of the general hypothecs and/or special hypothecs as described in Annex III to the Securities Note in the Prospectus dated 28 June 2016 as well as the deed of hypothec forming part of the Initial Security Interest (as defined in the Prospectus) have been published. Moreover, the pledge agreement forming part of the Initial Security Interest has been executed.