STZ advises Eurohold Bulgaria on EUR 0.5 billion bond issuance
Stoeva Tchompalov & Znepolski acted as local legal counsel to the issuer Eastern European Electric Company B.V., its owner Eurohold Bulgaria AD and the issuer’s subsidiaries within the Electrohold Group on the bond offering of EUR 500 million in 6.500% Guaranteed Secured Notes due 2030. The bonds were issued on May 15, 2025, under Rule 144A/Reg S and admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange. The proceeds from the bond issuance were used for repayment of an existing senior syndicated facility and related expenses, general corporate purposes and dividend payments.
This is the largest international bond issuance ever made by a Bulgarian corporation. The bonds were allocated to over 60 investors from 17 countries.
STZ, assisting a team from Dechert led by Jennifer Rees, advised on all Bulgarian law aspects of the transaction, including security agreements, guarantees, and corporate matters. Linklaters acted as international counsel to the sole lead manager and bookrunner J.P. Morgan SE, and CMS Sofia advised it on Bulgarian law matters.
The STZ team was led by partner Iordan Tchompalov with instrumental support from senior associate Tihomir Todorov and input from counsel Vania Todorova and associate Nevena Radeva.