A bond issue of Bulgarian power distribution company Energo-Pro Varna, a wholly-owned unit of Czech energy company Energo-Pro, started trading on the Bulgarian Stock Exchange (BSE) on Friday, bourse data showed.
As of 10:30 CET on Friday, six Energo-Pro Varna [BUL:8EVA] bonds have changed hands at 101,754.795 euro apiece, generating a trading turnover of 610,500 euro. Total trading turnover on the regulated market of the Sofia bourse was 1.3 million levs (660,000 euro/$730,000) as of 10:30 CET.
Energo-Pro Varna said on Thursday it plans to list a 130 milion euro ($140 million) seven-year bond on the BSE. The bond carries an annual coupon of 3.5%.
The bond was issued in November 2016 and placed among institutional investors in Bulgaria, Central and Southeast Europe.
Part of the funds raised via the bond issue have been used to cover debt under bridge financing provided by Bulgarian lender DSK Bank in June 2016. Another part will go to finance the company's capital investments in the distribution network in Bulgaria during the 2016-2023 period, including the purchase of infrastructure and equipment, reconstruction and new investments.
The bond issue is secured by shares in the company's subsidiaries. Energo-Pro Varna owns 100% of Energo-Pro Sales and is the majority owner of Energo-Pro Energy Services and Energo-Pro Grid.
Energo-Pro Varna is engaged in power distribution in northeastern Bulgaria, where it is the sole licence holder, as well as in selling power to more than 1.2 million customers, including households and companies.
(seenews.com, May 5, 2017)
