SOFIA May 22 Bulgaria's BEH, the state largest
energy holding company, will meet with potential investors in
its 250-million-euro ($321.81 million) bond issue in late July
and early August, its chief executive said on Wednesday.
BEH, which picked Citigroup to lead manage the bond
issue, needs to refinance debt and invest in gas pipelines.
BEH's executive Mikhail Andonov told Bulgaria's parliament
that it is planning financial roadshows in London, Luxembourg,
Vienna and Berlin.
Citigroup has already provided bridge financing of 195
million euros to cover a loan from BNP Paribas to one
of BEH's subsidiaries.
The bond issue will cover the bridge financing and back the
company's participation in gas pipelines, including the Nabucco
project to connect the Caspian region and the Middle East, and a
link between Bulgaria and Greece.
BEH, rated BB+ with a stable outlook by rating agency Fitch,
has assets worth 12.8 billion levs ($8.42 billion).
It owns all the major state energy companies, including
electricity utility NEK, nuclear power plant operator Kozloduy,
the operator of the thermal plant Maritsa East Two and natural
gas providers Bulgargaz and Bulgartansgaz.
($1 = 0.7769 euros)
($1 = 1.5194 Bulgarian levs)
(Reporting by Tsvetelia Tsolova; Editing by Louise Heavens)