BEH Bond 2018 (EBRD-50221)

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
Jun 20, 2018
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
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)
$ 115.78 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 100
Converted using 2018-06-20 exchange rate.
Loan Amount (USD)
$ 115.78 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 100 million
Converted using 2018-06-20 exchange rate.
Project Cost (USD)
$ 636.77 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
Converted using 2018-06-20 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 11, 2018

Disclosed by Bank Aug 3, 2018


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Project Description

According to EBRD website, the funds will be used to refinance the EUR 500m BEH bond issued by the Company in 2013, which matures in November 2018. The bond will thus support improving the financing structure for BEH, which is the central actor in the Bulgarian energy sector. BEH's long-term stability is fundamental to ensuring the continued progress of Bulgarian energy market reforms.

It will further support the implementation of key power sector reforms and will reinforce BEH's balance sheet going forward. This transaction will also contribute significantly to the Bulgarian capital market development.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Bulgarian Energy Holding EAD, a holding company, 100% owned by the Ministry of Energy of Bulgaria, which consolidates some of the largest energy companies in the country in the areas of electricity generation, transmission and trading, gas supply and coal mining, among others. BEH is also the public supplier of both electricity and gas in Bulgaria.

Contact Information

Bulgarian Energy Holding EAD
Email Address: hq@bgenh.com
Telephone No.: + 359 (0) 2 926 38 00; + 359 (0) 2 925 04 01
Website: https://www.bgenh.com/index.php/en/
Office Address: 16, Veslets Street, Sofia 1000, Republic of 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.