28 September - 4 October 2000

Eden Finance satisfied with bond issue

by Anthony Manduca

Eden Finance plc opened subscriptions of Lm10m 6.7 per cent bonds to the public last Monday and the company has expressed its satisfaction in the current take up rate. As of Tuesday, more than half of the bonds had been subscribed for and momentum of sales appears to be increasing.

Due to the interest shown, the company said in a statement that it is confident that the bond will be fully subscribed and there is a good chance that the issue will close early. The bond is guaranteed by the Eden Leisure Group and is underwritten by HSBC.

Ian De Cesare, chairman of Eden Finance plc and managing director of Eden Leisure Group said: "The Eden Leisure Group through Eden Finance plc is offering investors an opportunity to lock into an interest rate of 6.7 per cent which is even higher than the 14-year bond issue of the government. Although it doesn't appear that there will be similar corporate bonds coming to market in the future, we are pleased to be able to offer investors this opportunity. This will not only give investors more choice but it will also add further depth to the Malta Stock Exchange."