March 13, 2018 / 3:12 PM / 3 months ago

Bulgaria's BEH plans to tap global markets in May-June

SOFIA, March 13 (Reuters) - State energy company Bulgarian Energy Holding (BEH) plans to tap global capital markets in May or June this year to refinance a maturing 500 million euros ($618.55 million) Eurobond, its executive director Petyo Ivanov said on Tuesday.

“We plan to do a road show in May or June to raise about 500 million euros to refinance the maturing bond,” Ivanov told Reuters on the sidelines of an energy forum.

“We expect to get a cheaper financing as reforms have been undertaken and our credit rating has been raised,” he said.

BEH’s 5-year Eurobond matures in November.

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

BEH, which is made up of Bulgaria’s biggest state energy firms for natural gas supply and transmission, power generation as well as coal mining, is yet to hire lead managers and legal adviser for the new issue.

The company has another 5-year 550 million euros Eurobond that matures in 2021. ($1 = 0.8083 euros) (Reporting by Tsvetelia Tsolova Editing by Raissa Kasolowsky)

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