33NR Stir.wat.s.f.26

RNS Number:2793B
Stirling Water Seafield Finance PLC
23 November 1999


Royal Bank of Canada Europe Limited announces the issue and placing of a further
STG.29.6 million Stirling Water Seafield Finance Plc ("Stirling Water") 5.822
per cent bonds due 26 September 2026.

STG 9 million of the further bonds will be issued to stirling water and, subject
to certain conditions being met, may be sold at later date.

The bonds are issued at a price of 94.308 per cent.  Plus accrued interest of
1.0396 per cent, and are fully payable on acceptance on 30 November 1999.  The
bonds are fully underwritten by RBC DS.

The bonds carry the unconditional guarantee of MBIA Assurance SA.

The bonds are expected to be rated AAA/AAA and will form a single series with
the existing STG.79.3 million bonds issued on 26 March 1999 after 40 days.

The bonds will initially be represented by a temporary global note, to be
replaced by a permanent global note.  Minimum denominations will be STG 1000.

Application is to be made for the further bonds to be admitted to the official
list of the London Stock Exchange.

Royal Bank of Canada Europe Limited further announces that stirling water have
today sent a notice to the companies announcement office of the London Stock
Exchange.  This notice details minor amendments to the conditions of the
existing bonds to which the bond trustee has agreed, under the powers conferred
to it in the bond trust deed, as necessary to correct a manifest error.  The
modifications to the conditions are not in the bond trustee's opinion materially
prejudicial to the interests of bondholders.


END

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