Overseas Diamonds Issuing €15 Million Bond

Overseas Diamonds, an Antwerp based rough and polished diamond trader, is issuing a €15 million bond loan on the Free Market of Euronext Brussels. The firm intends to use the raised funds primarily to expand its isee2 concept.

Isee2 is a device that measures the symmetry, brilliance and scintillation of ideal cut diamonds and is a retail selling aid that allows buyers to measure the beauty of a diamond. Some 240 jewelers are using the device.

The company is a DTC Sightholder as well as a client of Rio Tinto and BHP Billiton, the three main diamond miners, and has a number of polishing plants.

Overseas is issuing 15,000 bonds at a price of €1,015 each. The bonds will carry an 8 percent annual interest rate from October 31, 2008 to October 30, 2015.

The subscription period started Wednesday, and ends October 26.