Tumas Investments plan new €25 million bond issue

Tumas Investments has announced that it has submitted an application to the Malta Financial Services Authority for a €25 million bond issue redeemable in 2024.

The net proceeds from the new bonds will be used by the company to finance the redemption of the €25 million 6.25% Tumas Investments plc bonds 2014-2016, which will be redeemed on 31 July 2014.

The company will be granting holders of the maturing bonds preference to subscribe to the new bonds, applied by way of an exchange offer for maturing bonds rounded nearest €100, subject to a minimum application of €2,000.

Holders of the €25 million 6.2% bonds 2017-2020 will also be offered the opportunity to invest in the new bonds by means of the exchange offer.

Any balance of the new bonds which remains unsubscribed to shall be made available to authorised intermediaries through an intermediaries’ offer.