China's ICBC Bank Offering Loan to Bulgarian Energy Holding

The Industrial and Commercial Bank of China (ICBC) is likely to become the single company to make a binding offer th the Bulgarian Energy Holding (BEH) as the energy structure is looking for a loan of EUR 650 M to pay off debts.

Capital Daily reports, citing its own sources, that ICBC, one of the world's biggest lenders, will be the only one admitted into the next stage where it will be able to place an offer, even though there was also a second candidate.

BEH, a structure managing state-owned assets in the energy sector, is now committed to make the payments under a deal with the AES and ContourGlobal thermal power plants which was reached in the spring. Out of the five-year, EUR 650 M loan, some EUR 450 M will be earmarked for debts to the two companies.

The holding's majority owner is the state, whose share exceeds 50 percent.

Separately, BEH has launched a procedure looking for bridge financing in which 11 of the 20 candidates are expected to be shortlisted.

It had made similar steps in 2013 to secure EUR 500 M in funding, but the sole bidder, Deutsche Bank, was later disqualified.