The European Bank for Reconstruction and Development (EBRD) has invested €100 million in a new seven-year €550 million bond issued by Bulgarian Energy Holding (BEH), the state-owned entity that controls the country’s energy assets, including the public suppliers of electricity and gas, the EBRD announced on Monday.
According to the announcement, the EBRD’s involvement will help BEH continue its support to key power sector reforms as well as restructure its balance sheet and improve the long-term financial sustainability of Bulgaria’s power sector. The bank bought the seven-year senior unsecured bonds on June 26, 2018 and July 31, 2018.
"The bonds started trading on the Euronext Dublin exchange on July 28, 2018 and are expected to start trading on the Bulgarian stock exchange in August 2018. The new bond will be used to refinance the €500 million bond issued by BEH in 2013, which will improve the holding’s financial structure," the bank said.
To date, the EBRD has invested nearly €3.9 billion into various sectors of Bulgaria’s economy through about 250 projects. Energy sector investment accounts for about a third of the Bank’s portfolio in the country.
(Anadolu Agency)
