Bulgaria's Eurohold raises $95 million in capital increase (updated)

EuroHold Bulgaria AD

07/07/2021 16:43

(Adds details, background)
    SOFIA, July 7 (Reuters) - Bulgaria's Eurohold  EUBG.BB  has
raised 157.5 million levs ($95 million) in a capital increase to
help it finance the acquisition of the local assets of Czech
utility CEZ  CEZP.PR , the financial group said on Wednesday.
    Eurohold said it has sold about 80% of the 79 million shares
it offered at 2.5 levs per share, in an increase that will bring
its market capitalisation to 650 million levs.
    The company said its major shareholder, Bulgarian Startcom
Holding, has subscribed to 47 million of the new shares and will
keep its control with a stake of over 50%.
    Eurohold will use to proceeds, along with banking loans, to
close the 335 million euro ($395 million) deal to purchase of
CEZ assets in Bulgaria by the end of July. It has mandated JP
Morgan to structure the debt financing. 
    It has estimated the total cost of the acquisition at 490
million euros. This also includes funds needed for a tender
offer to minority shareholders in two of CEZ's majority-owned
companies, and for covering some of their debts.
    ($1 = 0.8201 euros; $1 = 1.6036 levs)

 (Reporting by Tsvetelia Tsolova; Editing by Elaine Hardcastle
and Pravin Char)
 ((tsvetelia.tsolova@thomsonreuters.com; +359-888-311-435;))