Bulgaria's Parliament Gives Green Light To 1.493 bln Euro Bond Issue
Bulgaria's parliament said it ratified on Friday agreements with international financial entities on the issue of up to 1.493 billion euro ($2.036 billion) in bonds on international markets.
Bulgaria will use the proceeds of the bonds, which will have a maturity of up to 15 years, to make payments on global bonds that mature in the beginning of 2015 and outstanding debt maturing in 2014, as well as to cover the planned budget deficit, parliament said in a notice on its website.
The MPs ratified a subscription agreement with Citygroup Global Markets, HSBC Bank, and JP Morgan Securities on the bond issue, and a fiscal agency agreement with Bank of New York Mellon as fiscal and paying agent and with Bank of New York Mellon (Luxembourg) S.A. as registrar and transfer agent on the bond.
Earlier this week, Bulgaria's finance ministry said the country has to pay some 1.7 billion levs in debt that matures in 2015 and 1.3 billion levs maturing this year.