Tumas Investments plc – New Bond Issue

Tumas Investments plc will be issuing new €25 million 5% Tumas Investments plc unsecured bonds due in 2024. The new bonds shall have a nominal value of €100 and will be issued at €100 per bond. These bonds will be guaranteed by Spinola Development Company Limited – the owner, developer and operator of Portomaso. 

The net proceeds of the new bonds shall 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 the first available redemption date, being July 31, 2014. The company will be granting holders of the maturing bonds as at June 30, 2014 preference to subscribe to the new bonds by exchanging their maturing bonds with the new bonds. New bonds applied for by way of exchange offer shall be allocated in full, rounded to the nearest €100, subject to a minimum application of €2,000. 

Holders of the €25 million 6.2% Tumas Investments plc Bonds 2017-2020 as at June 30 2014 will also be offered the opportunity to invest in the new bonds in respect of the balance unsubscribed to by holders of the maturing bonds. 

No preference or guarantee of an allotment can be given in respect of applications by holders of the maturing bonds in excess of the maturing bonds held at June 30, 2014 or by holders of the 2017-2020 bonds. Furthermore, any balance of the new bonds which remains unsubscribed to shall be made available to authorised intermediaries through an intermediaries offer.  

For more information contact us by e-mail on [email protected] or call one of our offices in Valletta, Ta' Xbiex, St Paul's Bay and Birkirkara on freephone 80072206.