Republicans Propose Low-Interest Loan for Military Aid to Ukraine
US Senator Lindsey Graham expressed confidence that Congress will soon approve an aid package for Ukraine, albeit likely in the form of a low-interest loan rather than grants.
Citigroup will organize the refinancing the loan of the National Electric Company (NEK) to BNP Paribas, according to a media statement of the Bulgarian Energy Holding (BEH).
Citigroup will first have to provide a short-term loan of EUR 195 M by May 21 and then trade bonds worth up to EUR 250 M, according to reports of banks.dir.bg.
The maturity date of NEK's loan of EUR 195 M from BNP Paribas is May 21.
The contract with Citigroup is to be signed within days, meaning that BEH will most probably manage to fit within the maturity date for the loan which the energy company withdrew for the Belene NPP project, according to reports of dnevnik.bg.
In early March, BEH launched two simultaneous tenders – one for a bank which had to supply a loan of EUR 250 M and one for an investment consultant on a bond issue worth EUR 250 M.
One week ago, it turned out that the first procedure had collapsed after the only candidate to submit a final bid, Deutsche Bank, was found to have tabled an offer which did not meet the requirements of BEH.
As regards the second procedure, a total of six companies filed bids for becoming investment consultants on the bond loan, including Goldman Sachs, Citi Group, a consortium of JP Morgan and First Financial Brokerage House (FFBH), Deutsche Bank, Societe Generale and HSBC.
BEH, which is undergoing a top-level reshuffle, approved a decision to withdraw a bond loan from Citigroup on April 11.
The decision was endorsed by Asen Vasilev, caretaker Minister of Economy, Energy and Tourism on April 19.
The bond issue will be considered successful if it raises at least EUR 150 M.
Citigroup is also to offer a scenario for bridge financing in the case of a failed bond issue by May 11, 2013.
The bonds mature in five years.
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