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ClearFlowPlus p.l.c. – New Bond Issue

ClearFlowPlus p.l.c. (the “Issuer”), is pleased to announce the issue of €25,000,000 Unsecured bonds at 4.25% at a nominal value of €100 per bond, redeemable in 2033 (the “Bond Issue”), following approval by the Listing Authority.

It is intended that the Bonds be listed on the official Green Bond List of the MSE and admitted to trading on such regulated market.

This bond issue will be subject to a minimum of €5,000, and will be issued at par. The interest rate of 4.25 per cent will be paid annually on 25 August as from 25 August 2024 (the first interest payment date).

The full proceeds from the Bond Issue will be used by the Issuer to provide a loan facility to the Guarantor (“Water Services Corporation”), to be used as provided below:

(i) PV panels project: an amount of up to €6,000,000 will be used to finance the expected capital expenditure involved in procuring, installing and commissioning the new photovoltaic plants by the installation of photovoltaic panels on the reservoirs and other locations situated in various regions of Malta, namely the Luqa reservoir, the Guarantor’s Luqa headquarters and lab offices, the Pembroke reverse osmosis plant, the Lapsi reverse osmosis plant, the Naxxar reservoir, the Barkat sewerage treatment plant, the Bulebel new warehouse and the Cirkewwa reverse osmosis plant.

(ii) Re-financing of part of Ħondoq reverse osmosis plant project: an amount of up to €1,700,000 will be used to refinance part of the costs incurred in connection with the development and commissioning of Ħondoq ir-Rummien reverse osmosis plant.

(iii) Ta’ Barkat wastewater treatment plant aeration project: an amount of up to €2,000,000 will be used to finance the expected costs involved in upgrading the airblowers and the aeration system within Ta’ Barkat wastewater treatment plant.

(iv) Investment in reducing non-revenue water and improving billing efficiencies projects: an amount of up to €7,900,000 will be used to finance investments in projects aimed to further reduce non-revenue water and improve billing efficiencies, in particular the costs in connection with the purchase and commissioning of the upgrade to the Guarantor’s Enterprise Resource Planning (ERP) – SAP system and the algorithmic software within such system so as to enhance its effectiveness in detecting real losses and to a greater extent apparent losses.

(v) Investment in upgrading the water network and infrastructure projects: the remaining amount of €7,400,000.

Full details about this Bond Issue are set out in the Prospectus dated 20 July 2023 which can be found here.

MeDirect will be accepting applications from anyone, who is interested. All applications must be received by not later 18th August 2023. In the event of over-subscription, the Issuer reserves the right to close the Offer Period before this date.

If you are interested in applying, please send us a Secure Mail or contact your Relationship Manager.

For further information, please call us on (+356) 2557 4400 or send an email to customerservice@medirect.com.mt.

The information set forth in this article is only for informative purposes and should not be construed as an offer to sell or solicitation of an offer to subscribe for or purchase any investment. The information provided is subject to change without notice and does not constitute investment advice or any guarantee of returns.

Please consider the terms and conditions governing the relevant investment prior to making any investment decision. Investors should note that at worst they may lose all of their invested principal in the event of default, insolvency and/or bankruptcy of the relevant issue. The financial instruments discussed may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

MeDirect Bank (Malta) plc has based this document on information obtained from sources it believes to be reliable but which have not been independently verified. MeDirect Bank (Malta) plc does not therefore provide any guarantees, representations or warranties. The value of any investment or income may go up as well as down and past performance is no guarantee of any future performance. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on your investment.

MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority under the Banking Act (Cap. 371) and the Investment Services Act (Cap. 370). This material is intended only for the use of the recipient and shall not be reproduced in any way, whether in whole or in part, by the recipient. Any unauthorised disclosure, use or dissemination, either in whole or in part, of the material contained within is strictly prohibited.

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We strive to ensure a streamlined account opening process, via a structured and clear set of requirements and personalised assistance during the initial communication stages. If you are interested in opening a corporate account with MeDirect, please complete an Account Opening Information Questionnaire and send it to corporate@medirect.com.mt.

For a comprehensive list of documentation required to open a corporate account please contact us by email at corporate@medirect.com.mt or by phone on (+356) 2557 4444.