MedservRegis plc - Details of New Bond Issue

On 10 November 2022, MedservRegis plc published a Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of up to €13 million 5% secured bonds maturing in 2029.

MedservRegis plc is a global player in the provision of highly specialised logistics and engineering services to companies operating in the energy sector (namely oil and gas). The Group is present in twelve countries across four continents and has almost 50 years of experience in the field supporting large multinationals such as Eni, Sumitomo, and BP which are also key clients of MedservRegis.

The salient details of the new bond issue are as follows:

Coupon:

5.00%

Amount Offered:

Up to €13 million (nominal)

Issue Price:

100% (par)

Maturity:

20 December 2029

Interest Payment Date:

Annually on 20 December (first interest payment date is 20 December 2023)

Status of the Bonds:

The bonds will constitute the general, direct, and unconditional obligations of MedservRegis plc to be secured by the security granted by Medserv Operations Limited (“MedOps”). The bonds will at all times rank pari passu, without any priority or preference among themselves and with other outstanding and unsecured debt of MedservRegis plc, save for such exceptions as may be provided by law.

MedservRegis’ obligations will be secured by a general hypothec and a special hypothec granted by MedOps in favour of the Security Trustee over the emphyteutical rights (which expire in May 2045) that MedOps holds in respect of the Medserv site located at Kalafrana within the confines of the Malta Freeport area which has been valued at just under €61 million.

Use of Proceeds:

The net proceeds from the bond issue, estimated at €12.5 million after issuance costs, will be used for the redemption of the 6% secured and guaranteed notes 2020/23. The issuance of the bonds is conditional upon a minimum of €10 million being raised.

Plan of Distribution:

  • Exchange Offer:  Holders of the existing 6% secured and guaranteed notes 2020/23 may exchange their current bonds with the new bonds, subject to a minimum of €2,000 (nominal). Moreover, bondholders may subscribe for additional bonds.
  • Intermediaries’ Offer: Any unallocated amounts not taken up by holders of the existing 6% secured and guaranteed notes 2020/23 will be available for subscriptions by Authorised Financial Intermediaries through an Intermediaries’ Offer.

Closure of Offer Period:

2 December 2022 at 12:00 hrs (noon). An Intermediaries’ Offer will take place on 7 December 2022 in case of any unallocated amounts.

Minimum Subscription Amount:

€2,000 (nominal) and in multiples of €100 thereafter

Listing:

Official List of the Malta Stock Exchange

Expected Listing Date:

20 December 2022

Downloads:

Bond Fact Sheet

Prospectus dated 9 November 2022

 

Disclaimer:

This webpage has been prepared based on the Prospectus dated 9 November 2022 issued by MedservRegis plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is NOT intended to be and should NOT be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts NO responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.

Investors wishing to acquire the Bonds should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Prospectus is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. Prospective investors are urged to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

This ADVERTISEMENT has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The Company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta. Rizzo, Farrugia & Co. (Stockbrokers) Limited is acting as Sponsor of the Bond Issue.