10/07/15 09:09
(http://www.klassa.bg/)

Chinese bank ICBC vying to finance BEH with EUR 650 million

The Industrial and Commercial Bank of China (ICBC) is the sole bank allowed to submit a binding offer for the granting of a EUR 650-million loan to Bulgaria's state-owned energy holding company BEH, although two banks submitted bids for participation. In order to attract more candidates and comply with the law, BEH extended the deadline for submitting bids for a creditor bank that will lend a syndicated loan of EUR 650 million to 2 October. However, the listing of the issue will take much more time. Therefore, if BEH prefers this option, it will rely mainly on bridge funding. The reason is that the holding needs funds urgently (by mid-November) so that the agreements with the two power plants TPP AES Maritza Iztok I and TPP ContourGlobal Maritza Iztok 3 can come into force.

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