The Mizzi Organisation Finance plc
News    ·   30-11-2010

AUTHOR: Louis de Gabriele

The Mizzi Organisation Finance plc €25 million 6.7% bond issue has been fully subscribed. The offer closed early due to high demand and over-subscription. This has led the issuer's Board of Directors to exercise the over-allotment option, increasing the issued amount to €30 million.

The proceeds of the issue, including the over-allotment option, will primarily be used to repay any amounts due by Mizzi Organisation Finance with respect to the bonds issued in 2002 as and when these bonds are due for repayment. Any remaining proceeds will be advanced to any of the issuer's guarantors in order to enable them to partly refinance their existing borrowings in respect of the construction of the General Soft Drinks Factory and other capital expenditure.

Camilleri Preziosi acted as legal counsel to the issuer. Other parties involved include Bank of Valletta plc as manager and registrar, Rizzo Farrugia & Co (Stockbrokers) Ltd as sponsors and PricewaterhouseCoopers as auditors and accountants.

The allocation policy for the increased allotment is to be announced by Monday 30th November.

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