Bulgaria Repays EUR 1.5 B Bridge Loan

Finance | March 27, 2015, Friday // 16:42|  views

Bulgaria has repaid in full a EUR 1.5 B bridge loan taken out last December, saving nearly four million euro in spending on interest payments.

The six-month loan was extended by Citigroup, HSBC, Societe Generale and Unicredit on 18 December 2014 to plug a gap at the state-run Deposit Insurance Fund, which is in charge of repaying deposits at collapsed Corporate Commercial Bank, or KTB.

“With the full repayment of the loan on 27 March 2015 the state budget has saved EUR 3.7 M in interest payments,” the Finance Ministry said in a statement.

Bulgaria sold a EUR 3.1 B triple-tranche bond comprising of seven-, 12- and 20-year maturities on foreign markets last week as part of its three-year plan to borrow funds for rolling over old debt and financing budget deficits through 2017. The settlement date for the bond issue was 26 March 2015.


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Tags: Bulgaria, bridge loan, KTB


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