ENERGO-PRO a. s. issues Eurobonds worth EUR 250 million
ENERGO-PRO a. s. issues Eurobonds worth EUR 250 million in London. This is the second issue since the company placed a bond issue of 370 million euros in November. The proceeds will be used to repay current loans, as well as for general corporate purposes, and will also improve the Group's financing efficiency. The bonds are due May 4, 2024 and have an annual yield of 4.5%. The bond issue price is 100%.
The securities will be listed on the Irish Stock Exchange. S&P and Fitch set the bond rating to BB- and BB, respectively, in line with the issuer's corporate rating ENERGO-PRO a. s.
The issue was placed among more than 70 investors representing both international and Bulgarian financial institutions. 54% of investors are asset managers, 26% - state and private banks, 19% - pension funds and insurance companies. The bonds purchased from Bulgarian financial institutions alone are worth more than 15 million euros. The largest share of investors - 25% are from the UK, 21% are from Austria and Germany, another 14% are from France, the remaining 40% are distributed in Western, Central and Eastern Europe and the Commonwealth of Independent States.
The ENERGO-PRO Group has stable revenues from regulated activities and this makes it attractive in international financial markets. The company is a major investor in the energy sector. It operates hydroelectric power plants and electricity distribution networks in Central and Eastern Europe and in the Black Sea and Caucasus regions.
Starting its activities in the Czech Republic, the company gradually develops its operations in Bulgaria, Georgia and Turkey. The total installed capacity of the power plants owned by ENERGO-PRO is 854 MW, and the annual electricity production exceeds 2.5 TWh. ENERGO-PRO operates in the field of distribution and sale of electricity and owns and manages electricity distribution networks in Bulgaria and Georgia, serving more than 2.4 million customers. The company is also active in cross-border electricity trade.
