May 3, 2018 / 5:47 PM / in 6 months

Bulgaria's BEH picks Citi as global coordinator for bond issue

SOFIA, May 3 (Reuters) - State energy firm Bulgarian Energy Holding (BEH) said on Thursday it had picked Citigroup as sole global coordinator for its plans to refinance its 500 million euro ($599 million) Eurobond that matures in November.

Citigroup and First Financial Brokerage House, a co-manager, would issue a tender offer for BEH’s maturing bond and its 550 million euro Eurobond due in 2021 to help optimise its interest costs, the company said in a statement.

The five-year Eurobond due this November has a fixed annual coupon of 4.25 percent and its other, five-year issue due in 2021 carries a fixed annual coupon of 4.875 percent.

Its executive director Petyo Ivanov has said the company plans to tap global markets in May or June.

BEH, made up of Bulgaria’s biggest state energy firms for natural gas supply and transmission, power generation as well as coal mining, plans to make a dual listing of the new bonds on the Irish and the Bulgarian bourses.

Fitch upgraded BEH’s rating in February one notch to BB with a stable outlook, citing improved financial performance and narrowed deficit at its subsidiary NEK, a public supplier of electricity.

$1 = 0.8348 euros Reporting by Tsvetelia Tsolova Editing by Edmund Blair

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