CMS Sofia acted as Bulgarian legal advisor to JP Morgan Chase on the offering of the inaugural €500m 6.500% Secured Guaranteed Notes due 2030 by Eastern European Electric Company B.V. (Eurohold Bulgaria AD’s energy subholding and owner of Electrohold Group).
This deal is the first international bond issuance by a Bulgarian private company. The proceeds of the issuance will be used for repayment of existing financing facilities, general corporate purposes and dividend-related payments. Eastern European Electric Company B.V. achieved a debut credit rating Ba2 (stable outlook) by Moody’s and BB (stable outlook) by Fitch.
CMS provided comprehensive legal support throughout all stages of the transaction on Bulgarian law matters. Lead counsel for J.P. Morgan SE on the transaction was Linklaters (led by Partner Simon Few), whereas the issuer was assisted by Dechert, and STZ (on Bulgarian law matters)
The CMS team was led by Dimitar Zwiatkow and Konstantin Altandzhiyski, and was supported by Ivan Gergov, Anna Philcheva and Desislava Anastasova.
