Archive for November, 2001

Changes to the legal framework on radio and television

Monday, November 12th, 2001

Major changes to the radio and television regulatory regime were brought about with the adoption of Law on Amendment and Supplementation of the Radio and Television Act (effective as of November 13, 2001), which also amended the Bulgarian Telecommunications Act.

Bulgaria’s 250 million Eurobonds offering successfully placed

Monday, November 12th, 2001

The entire amount of the first Bulgarian issue of Eurobonds (250 million euro) was fully subscribed on November 12, 2001 under conditions of active interest from investors. The issue price is 98,855%, interest is 7.25% and maturity is March 1, 2007. The first interest payment is due on March 1, 2003. The bonds were bought predominantly by German, Greek, Italian as well as some Bulgarian and UK investors. The Bulgarian government announced that there was interest amongst investors for a further EUR 1,5 billion Eurobonds and therefore it is expected that there will be additional issues. As announced, Borislav Boyanov & Co. acts as Bulgarian counsel of the Lead Managers for the issue.

Borislav Boyanov & Co. act as Bulgarian counsel to the Lead Managers on Bulgaria’s 250 million Eurobonds offering

Friday, November 2nd, 2001

Thursday, November 1, 2001 the Bulgarian government has announced a 2001 Eurobond issue. The announced size of the Eurobond is up to 250 million Euro. The format is expected to be straight Eurobond, with an issue date November 8-12. The government, along with the Lead Managers, also plans road shows during the week of November 5th. Expected maturity of the bond is 3 to 5 years, expected yield is up to 8.5%. Borislav Boyanov & Co. is acting as Bulgarian counsel to Chase Manhattan International and Morgan Stanley International, who are the Lead Managers for the issue, along with US counsel Davis Polk & Wardwell. This first issue is historical since it is expected to provide a benchmark for Bulgarian securities on the international markets and pave the way for further issues.