2 Banks Offer EUR 250 M Loan to Bulgarian Energy Holding

Business » ENERGY | March 25, 2013, Monday // 16:29
Bulgaria: 2 Banks Offer EUR 250 M Loan to Bulgarian Energy Holding File photo

Deutsche Bank and Citi Group have declared their readiness to provide a loan of up to EUR 250 M to the Bulgarian Energy Holding (BEH), according to a media statement posted on the website of BEH.

As regards BEH's other option to raise funds, a bond issue, six candidates filed documents to become investment consultant of the deal, including Goldman Sachs, Citi Group, a consortium of JP Morgan and First Financial Brokerage House (FFBH), Deutsche Bank, Societe Generale and HSBC.

Ten candidates submitted documents to become legal consultant of BEH's bond issue, of which eight were found to match the criteria: White & Case LLP, Herbert Smith Freehills, Latham & Watkins LLP, Clifford Chance LLP, Ashurst LLP, Allen & Overy LLP, Cleary Gottlieb Steen & Hamilton LLP и Freshfields Bruckhaus Deringer LLP.

BEH is to choose which scenario it will go with as soon as possible because it must provide the money to pay a loan of EUR 195 M of the National Electric Company (NEK) maturing in May.

According to reports of investor.bg, NEK took a loan of EUR 195 M from BNP Paribas to secure the preparation of the construction of the Belene NPP.

The rest of the money will be used to improve the liquidity of BEH, the Bulgarian business news portal informs.

BEH brings together Bulgaria's main energy assets, including Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Electricity System Operator EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD.

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Tags: Bulgarian Energy Holding, loan, National Electric Company, NEK
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