Bulgarian Energy Holding Places Successfully Fourth Eurobond Issue to the Amount of EUR 600 Mln
NW 13:34:01 16-07-2021
DD1337NW.111
111 ECONOMY - BEH - EUROBOND ISSUE
Bulgarian Energy Holding Places Successfully
Fourth Eurobond Issue
to the Amount of EUR 600 Mln
Sofia, July 16 (BTA) - Representatives of Bulgarian Energy Holding EAD and the Energy Ministry held a Global Investor Call on July 13, and a NetRoadShow involving a series of intensive meetings with a number of global investors on July 13-14, the company said.
On July 15, BEH successfully placed its fourth bond issue to the amount of 600 million euro at an annual interest rate of 2.45 per cent. As investor interest was very strong, the bond was 2.3 times oversubscribed and the interest rate achieved is the lowest since the company has entered the international financial markets.
BEH's previous Eurobond issues on the international financial markets achieved an interest rate of 4.875 per cent in August 2016 and 3.5 per cent in June 2018. On July 15, 2021, BEH achieved a 7-year maturity of the Eurobond issue in August 2028, the company said. The lower interest rate and longer tenor of the issue will help the company to further reduce its annual interest expenses and to optimize its debt repayments schedule over a longer period of time.
The proceeds raised will be used to refinance the 550 million euro 4.875 per cent bond issued in 2016, which matures in August 2021, as well as for general corporate purposes, excluding coal-related activities.
The organizers of the bond issue, represented by JPMorgan and Citigroup, and legal advisors Allen & Overy LLP and Linklaters LLP, took into account the efforts made by BEH EAD in the preparation of all the documentation on the issue, as well as the institutional support provided in the process of Eurobonds placement by Bulgaria's Energy Ministry in its capacity as sole owner of the capital of Bulgarian Energy Holding EAD, the company said. RY/DD
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DD1337NW.111
111 ECONOMY - BEH - EUROBOND ISSUE
Bulgarian Energy Holding Places Successfully
Fourth Eurobond Issue
to the Amount of EUR 600 Mln
Sofia, July 16 (BTA) - Representatives of Bulgarian Energy Holding EAD and the Energy Ministry held a Global Investor Call on July 13, and a NetRoadShow involving a series of intensive meetings with a number of global investors on July 13-14, the company said.
On July 15, BEH successfully placed its fourth bond issue to the amount of 600 million euro at an annual interest rate of 2.45 per cent. As investor interest was very strong, the bond was 2.3 times oversubscribed and the interest rate achieved is the lowest since the company has entered the international financial markets.
BEH's previous Eurobond issues on the international financial markets achieved an interest rate of 4.875 per cent in August 2016 and 3.5 per cent in June 2018. On July 15, 2021, BEH achieved a 7-year maturity of the Eurobond issue in August 2028, the company said. The lower interest rate and longer tenor of the issue will help the company to further reduce its annual interest expenses and to optimize its debt repayments schedule over a longer period of time.
The proceeds raised will be used to refinance the 550 million euro 4.875 per cent bond issued in 2016, which matures in August 2021, as well as for general corporate purposes, excluding coal-related activities.
The organizers of the bond issue, represented by JPMorgan and Citigroup, and legal advisors Allen & Overy LLP and Linklaters LLP, took into account the efforts made by BEH EAD in the preparation of all the documentation on the issue, as well as the institutional support provided in the process of Eurobonds placement by Bulgaria's Energy Ministry in its capacity as sole owner of the capital of Bulgarian Energy Holding EAD, the company said. RY/DD
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