Midi issues €30m worth of bonds

Midi plc, developers of the Tignè Point and Manoel Island projects, yesterday said they will be offering the equivalent of €30 million in seven per cent bonds denominated in euro and sterling.

Subscriptions for the bonds open on January 13 and close on January 20 or earlier if the number of applications warrants this, Midi said.

Midi said the bonds will be of a nominal value of €100 and £100 each and will mature in 2016 - 2018, adding that they are being issued at par.

The minimum application amount is €2,500 for euro-denominated bonds and any larger amount must be in multiples of €100.

The minimum application amount for the sterling bond is £2,000 and any amount greater must be in multiples of £100.

If the bond issue is over-subscribed, Midi said it may issue an additional €10 million.

Information, together with application forms, can be obtained from the branches of all banks and from authorised intermediaries and stockbrokers.

The proceeds of the bond issue will be used mainly to contribute towards finishing the construction of Tignè Point, MIDI said.