BEH Bond Issue (EBRD-48556)

Countries
  • Bulgaria
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 20, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Bulgarian Energy Holding EAD
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 89.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 80,000,000.00
Converted using 2016-08-30 exchange rate.
Project Cost (USD)
$ 613.30 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 550,000,000.00
Converted using 2016-08-30 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 10, 2017

Disclosed by Bank Aug 30, 2016


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Project Description
This project refinances a loan incurred by Bulgarian Energy Holding EAD. The proceeds of this loan support the commercial liabilities of the company's key subsidiary Natsionalna Elektricheska Kompania (NEK) as part of a comprehensive reform plan aiming to restore the financial viability of the electricity sector and to promote electricity market liberalisation in Bulgaria.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
This is an investment in the 5-year senior unsecured bond issuance by Bulgarian Energy Holding EAD. Bulgarian Energy Holding EAD is a holding company 100% owned by the Ministry of Energy of Bulgaria that consolidates some of the largest energy companies in the country in the areas of electricity generation, transmission, supply and trading, gas transmission and supply and coal mining, among others. BEH is also the public supplier of both electricity and gas in Bulgaria.
Contact Information
Petya Dimova, Finance Department Petya.Dimova@bgenh.com +359 2 9263 892 +359 2 9250 401 www.bgenh.com 16, Vesletz Street, Sofia 1000, Bulgaria ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD’s own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.