Tumas Investments plc is to announce a €20 million bond issue with an over-allotment option of an additional €5 million. In a company announcement on the Malta Stock Exchange on Tuesday, Tumas Investments plc said it had submitted an application to the regulator's Listing Authority requesting the approval of a prospectus for the issue of the bonds which will be redeemable between 2017 and 2020.

The bonds will be unsecured and unsubordinated but guaranteed by Spinola Development Company Ltd. Proceeds from the bond issue are earmarked for the redemption of a 6.7 per cent maturing bond, to partly refinance the guarantor's existing bank facilities, and for general funding. Holders of the maturing bond who indicate their willingness to rollover their investments will be given preference.

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