Bulgaria's BEH Raises EUR 500 M from Bond Issue

Bulgaria's state energy holding company BEH has raised EUR 500 M, the company announced as the early signing for its bond issue on international market was wrapped up.

The company initially planned a EUR 250 M bond issue, needed to refinance debt which matures in May.

The bond issue, which will cover the bridge financing, is for five years with an interest rate of 4.287%.

BEH was incorporated in 2008 with a decision of the then ruling Socialist-led government.

BEH EAD is a shareholding company with 100% state owned participation. The Holding includes 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.

All companies, brought together in the holding structure, preserve their operational independence and licenses, as they are all owned and directly subordinated to the corporate center BEH EAD.

The Bulgarian Energy Holding EAD is one of the largest companies in the region, and national energy leader.

Bulgaria tapped last summer international markets to raise funds to repay the first tranche of about EUR 835 M (USD 1.07 B) in 11-year Eurobonds, which matured on January 15, 2013.

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