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Bulgaria railways sells out EUR 120 M bonds issue

Date: 26.11.2007

Bulgaria's state-owned railways BDZ has sold out its EUR 120 M bond issue, drawing interest despite the continued volatility on the international financial markets, issue managers said.

The issue was oversubscribed by EUR 15 M, with three foreign banks and two Bulgarian ones buying the bonds, Bulgaria's Encouragement Bank said on Friday.

State-owned Encouragement Bank, Dexia Kommunalkreddit in Vienna and Depfa Bank in London were the issue managers.

The bonds issue, the biggest in Bulgaria, has a ten-year maturity with an 18-month grace period and will carry a coupon of 3,5% over the three-month Euribor rate, with quarterly payments.

The funds raised via the bond issue will be used to restructure the company's existing debts and to repair close to 1.200 cargo carriages.

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