Bulgaria raises 290 million euros to finance budget shortfall
SOFIA (Reuters) - Bulgaria has raised 290 million euros ($398.18 million) in private placement Schuldschein loans to finance its budget shortfall, the finance ministry said in a statement on Saturday.
Last month, the parliament has approved a deal that allows Deutsche Bank (DBKGn.DE) and Raiffeisen Bank International (RBIV.VI) to arrange the loan, a traditional German debt instrument that Bulgaria, a European Union member, will be using for the first time.
The loan deal entails tranches of seven, 10 and 15 years paying fixed-rate interest rates.
($1 = 0.7283 euros)
(Reporting by Angel Krasimirov Editing by Jeremy Gaunt.)