Bulgaria Grapples with Soaring Corruption Rates: New Report Reveals Shocking Data
Corruption in Bulgaria has soared to its third highest peak in history, according to a recent report by the Center for the Study of Democracy
State-owned Bulgarian Energy Holding (BEH) group has said that it will invite a consortium of Ваnса IMI, Bank of China and J.P. Morgan Securities for talks on extending bridge financing of up to EUR 650 M to its indebted subsidiary NEK.
The consortium comprising Ваnса IMI S.p.A. - London Branch, Bank of China Limited - Luxembourg Branch and J.P. Morgan Securities has been ranked first in the evaluation of the binding offers submitted by two candidates last month.
“BEH EAD reserves its right at any time to invite the consortium ranked second for negotiations for concluding a contract,” BEH said in a statement on Wednesday.
The maturity of the bridge financing is up to 12 months, with no collateral. The bridge loan will be refinanced through a subsequent placement of a bond issue.
The proceeds from the bridge loan will be used to repay the accumulated debt of the National Electricity Company (NEK) to coal-fired power plants AES Galabovo and ContourGlobal Maritsa East 3 in order for the decrease in prices under the long-term power purchase agreements to take effect and to cover debt owed by the two power plants to Maritsa East coal mines.
As of late February, NEK owed an estimated total of BGN 950 M (EUR 485 M) to the two power plants, while the palnts' outstanding debt to Maritsa East coal mines was estimated at BGN 340 M (EUR 174 M).
AES Galabovo and ContourGlobal Maritsa East 3 are owned by U.S.-based AES Corporation and ContourGlobal, respectively.
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