Bulgarian Posts plans EUR 15mn bond issue.

By bne IntelliNews November 16, 2010
State-owned Bulgarian Posts said it plans a EUR 15mn bond issue to restructure existing debts. The bonds will have a five-year maturity. The company has already opened a tender to select a financial institution to manage the debt rescheduling. Bulgarian Posts swung to a BGN 822,000 (EUR 420,300) loss in the first nine months of 2010 from a BGN 2.8mn profit a year earlier, mainly as a result declining revenue from postal services, Sofia Echo daily reported. We remind that he company's monopoly on delivery of letters of up to 50 grams will expire at the end of 2010, after the government voted to liberalise the country's postal market as of 2011. The move is in line with an EU directive that stipulates full liberalisation of postal markets in member states by the end of 2012.

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