BEH EAD arranged the loan to cover obligations of NEK EAD


The negotiations between BEH and the chosen candidate in the tender procedure for selection of an investment consultant for provision of a bridge loan followed by a bond issue have been completed successfully. 

A contract was signed between BEH and the consortium of banks Ваnса IMI S.p.A. - London Branch, Bank of China Limited - Luxembourg Branch and J.P. Morgan Securities. The loan amount is 535 million euros.

Approval by the Energy and Water Regulatory Commission of the loan agreement between BEH and NEK is expected. During the course of the next few business days the bridge facility, which at a later stage will be refinanced through a bond take out on the international capital markets, will be utilized.

The funds from the bridge financing will be used to pay the accumulated obligations of NEK to AES 3C Martista East 1 EOOD and ContourGlobal Maritsa East 3 AD so that the negotiated tariff decrease under the long term power purchase agreements can come into effect as well as to pay the accumulated obligations of the thermal power plants to Mini Maritsa East EAD.

Source: BEH