Black Sea Property's Bulgarian unit strikes 7.5 mln euro loan deal

The term of the loan agreement will be until December 31, 2024, Black Sea Property said in a press release.

The loan will carry an interest rate of 16% a year. As agreed, 50% of the shares held by both owners of EPO Aheloy will be transferred to the lender as security.

A representative of Penchev Consult will be appointed as a third manager of EPO Aheloy.

The disbursement of the loan is expected to take place in January 2023, and is subject to various customary conditions. The use of proceeds will be clarified in connection with the disbursement of the loan.

Black Sea Property previously planned to enter into a similar loan agreement with Bulgarian financial institution SI Finance Group. The deal with Penchev Consult, however, offers better conditions, including “a slightly lower” interest rate among others.

EPO Aheloy is the development and property-owning company for the Sunrise Gardens Resort on the Black Sea.

($ = 0.93881 euro)