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TUMAS issues 6.2% €20mln Bonds 2017-2020

Following the company announcement issued on the 13th April 2010, the Company hereby announces that regulatory approval was granted on the 10th May 2010 for the issue of 6.2% €20,000,000 Bonds redeemable between 2017 and 2020, subject to an over-allotment option not exceeding €5,000,000.

The nominal value per Bond is €100 issued at par. The Bonds shall be unsecured but guaranteed by Spinola Development Company Limited (the “Guarantor”).

It is envisaged that the proceeds of the said Bond Issue shall be primarily used for the redemption of the Tumas Investments plc 6.7% Bond 2010 – 2012 (the “Maturing Bond”) on the 9th July 2010, and, thereafter, the remaining net proceeds of the Bond Issue will be advanced, pursuant to a loan agreement, by the Company to the Guarantor for the part re-financing of existing borrowings and the general corporate funding purposes of Spinola Development Company Limited and its subsidiary companies (the “SDC Group”).

The Issuer will be giving preference to holders of Tumas Investments plc 6.7% Bond 2010 – 2012 who indicate their willingness to surrender their existing holding in favour of a holding in the new Bonds.

The Board announces that it will consider 4th June 2010 as the Cut-off Date and that the last day of trading to attain eligibility will therefore be 1st June 2010. Trading will cease thereafter and the Bond will be redeemed on the 9th July 2010. Bondholders on the register as at the Cut-off Date will be guaranteed full allotment of their applications for an amount equivalent to their existing holding, rounded up to the nearest €100 or €1,000, subject to a minimum application of €2,000.

To view the prospectus please click here

Application forms are available here

Bond Details

Coupon 6.2%
Issue Price 100 (Par)
Size of Issue €20 million (+ €5 million over allotment option)
Interest Payment Dates 9th January and 9th July (Semi-Annually)
Maturity date 15th June 2020 (unless redeemed on any day falling between 9th July 2017 and 8th July 2020)

Time Table

Preferred Applicants (closing date) 23rd June 2010
General Public (opening) 25th June 2010

Minimum application for bonds

Preferred Applicants € 1,200
General Offer € 1,200



For advice on whether this bond issue is suitable for inclusion in your investment portfolio please contact one of our investment advisors on 25 688 688 or send us an email on [email protected] or contact us