Eden Finance issues 6.6 per cent bonds

Eden Finance plc yesterday issued 6.6 per cent unsecured bonds for an overall amount of €15 million.

They will be guaranteed by Eden Leisure Group Ltd.

The bonds have a nominal value of €100 each and will be issued at par. The minimum amount of subscription is of €1,000 and multiples of €100 thereafter.

They will be redeemed on June 15, 2020 or earlier at the company's discretion at any date after June 15, 2017.

Eden Finance has also applied to the Listing Authority for the bonds to be admitted to the Official List and the Malta Stock Exchange.

Trading of the bonds is expected to start in June, the company said.

Existing holders of Eden Finance's 6.7 per cent 2010 bonds are being offered preference to transfer their existing holdings to the new 6.6 per cent 2017-2020 bond between today and May 27.

The offer will be open to the public during the public offer period starting on May 31 up to and including June 4.

Ian De Cesare, Eden Group managing director, said the proceeds from the bond issue would be used to re-finance the outstanding amount of the Eden Finance 6.7 per cent bonds.

Any remaining proceeds will be used for general corporate funding purposes.