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Energo-Pro Varna EAD-energy distribution

Bulgaria | Utilities

Identification Code:: OP/16/0032
Total Operation Cost:: 207.000.000 EUR
Maturity:: 84 months
Operation Status:: BSTDB Approved Amount – Approval Date

40.000.000 EUR – 23 Sep 2016
: BSTDB Signed Amount – Signed Date

40.000.000 EUR – 03 Nov 2016
: Status:
Completed
Description and Purpose of the Operation:: Subscription of ordinary, interest bearing, registered, book-entry, non-convertible, covered, fixed-coupon rate, freely transferable, corporate bonds
Countries of Operation:: Bulgaria (100,00%)
Financial Product:: Loans
Sector:: Utilities
Domain:: Private
Borrower/Client:: Energo-Pro Varna EAD, Bulgaria
Co-Financers/Participants:: The bond was placed in Central Europe, in Austria, and predominantly in South-Eastern Europe. Type of investors in addition to BSTDB is: commercial banks, pension funds, asset managers, corporate treasuries.
Guarantors/Sponsors:: Sponsor: Energo-Pro A.S., Czech Republic
Developmental and Regional Cooperation Impact:: Energo-Pro Group operates in three BSTDB member countries: Bulgaria, Turkey and Georgia, thus revealing strong regional cooperation impact. The development impact stems from the ongoing improvement and developments of the electricity grid and metering system (direct impact of the use of the BSTDB bond proceeds) and of the other markets of Energo-Pro operations (indirect impact). In addition, the significant improvement of the draft Prospectus raised the level of comfort of Bondholders, indirectly bringing improvement in the Bulgarian Stock Exchange.
Environmental Classification and Impact:: Screened E&S Category B. The E&S due diligence was of carried out at the corporate level and focused on i) environmental, labor, health and safety legal compliance; ii) corporate E&S management systems; iii) the applied labor and working conditions; iv) existing preventive and mitigation measures; and v) risks and impacts on the local communities. The due diligence concluded that the E&S risks and impacts associated with the operation are unlikely to be significant due to the basic but effective management systems applied by the Client, as well as the employed labor and working conditions and E&S preventive and mitigations measures. Its electricity distribution activities are generally compliant with the national environmental, labor, and health and safety legal and regulatory requirements. The existing cases of non-compliance are not material and are unlikely to result in reduction, suspension, or closure of Energo-Pro's activities.
Operation Leader:: Energy & Infrastructure, General Industries, Transport, Tourism 2
E-mail:: ei@bstdb.org,gitt2@bstdb.org