Evropeiski Patishta to seek 102.3 mln euro loan from Bulgarian Development Bank

Evropeiski Patishta to seek 102.3 mln euro loan from Bulgarian Development Bank

Bulgarian civil engineering company Evropeiski Patishta said that it is seeking the approval of its shareholders to take out a loan of up to 200 million levs ($121.3 million/102.3 million euro) from state-owned Bulgarian Development Bank.

The funds will be used to finance the construction of a section of the Mezdra-Botevgrad road, in northern Bulgaria, by a consortium led by the company, Evropeiski Patishta said in an invitation for a shareholders meeting, published earlier this week.

Evropeiski Patishta will pledge as collateral the consortium's receivables under a 222.5 million levs contract with the Road Infrastructure Agency for the construction of the road section.

Shareholders in the company will vote on the proposal at a general meeting scheduled for October 4.

The contract for building the road section was signed in September 2019 after the consortium won a public procurement procedure.

According to Bulgarian registry agency data, Evropeiski Patishta controls an 80% stake in the winning tie-up, while another local company - Vodno Stroitelstvo - Botevgrad, holds 19% interest. Slovakia's Vahostav-SK has a 1% stake in the consortium.

 

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