June 21, 2018 / 5:07 PM / 5 months ago

Bulgaria's energy group BEH raises 400 mln euros in new Eurobond

SOFIA, June 21 (Reuters) - State-run Bulgarian Energy Holding (BEH) raised 400 million euros ($464 million) through a Eurobond it will use to repay most of a maturing bond later this year, IFR reported.

The seven-year notes, which carry a 3.5 percent annual coupon, were priced at equivalent to a 297 basis point spread over mid swaps, data from the deal showed on Thursday.

The company, which pools big state energy assets, has also accepted trade offers worth 16.6 million euros for its 500 million euro, 4.25 percent, 5-year Eurobond that matures in November to optimise its interest costs.

BEH had initially considered raising 500 million euros, but the cost was a more important factor than the size of the issue, two sources familiar with the process said, adding that this was the cheapest financing BEH has secured.

BEH has another, 5-year, 550 million euro Eurobond with an annual coupon of 4.85 percent which is due to mature in 2021.

The company has about 700 million euros in cash.

BEH, owner of Bulgaria’s biggest state energy firms for natural gas supply and transmission as well as power generation and coal mining, will list the new bonds on the Irish and Bulgarian stock exchanges. ($1 = 0.8620 euros) (Reporting by Tsvetelia Tsolova Editing by Alexander Smith)

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