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01.12.2017 13:22
ENERGO-PRO a.s raised €370 million in corporate bonds issue
ENERGO-PRO Varna JSC issued its Czech owner a corporate guarantee for €350 million
AUTHOR: publics.bg


  • © Energo Pro

Czech ENERGO-PRO a.s. placed its first emission of bonds on 21 December, ENERGO-PRO Varna informed. The emission is in vaue of €370 million in guaranteed uncollateralized Eurobonds maturing on 7 December 2022, with 4% fixed coupon rate and yield at issuance of 4%. The bonds are payable in December 2020 and on each date of coupon payments after. Investor interest exceeded €800 million. The bonds will be quoted at the Irish Stock Exchange.

S&P and Fitch rated the bonds as BB- and BB, identical with the issuer’s corporate rating.

The emission is placed with a large number of institutional investors across Europe. The net proceeds will be used to cover the existing loans and general corporate purposes.

Meanwhile, on 14 December ENERGO-PRO Varna will pay its all due amounts on its bonds issued last year, according to a notice from the Bulgarian Stock Exchange. We remind that at the end of last year ENERGO-PRO issued bonds at a total value of €130 million.

This was the condition under which ENERGO-PRO Varna in its capacity of an issuer of the bonds was authorised by the bondholders to issue a corporate guarantee of €350 million to its Czech owner ENERGO-PRO a.s.

We also remind that Czech ENERGO-PRO a.s. is one of the candidates for the acquisition of CEZ power supply and distribution business in Bulgaria as well as its renewable power generation. However, it has no interest in TPP Varna.


TAGS: ENERGO-PRO a.s. | ENERGO-PRO Varna | corporate bonds | corporate guarantee 


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