October 28 (SeeNews) - Bulgarian thermal power plant (TPP) Maritsa 3 [BUL:6TM] said on Wednesday that it is seeking the approval of the holders of its 4.04 million levs ($2.4 million/2.1 million euro) bond issue to extend its term by three years to February 2024.
TPP Maritsa 3 is also proposing to lower the issue's coupon for the additional three-year period to 4% from 5% currently, the power plant operator said in a stock exchange filing.
The proposal envisages the bonds to be repaid in full on the maturity date.
The vote on the proposal is scheduled to take place on November 17.
Earlier this year, the company said it will lay off part of its employees due to the country's new rules for providing cold reserve services, according to local media reports. Until recently the bulk of Maritsa 3 TPP's revenues came from contracts with the government for providing cold reserve capacity for electricity supplies.
In July, energy minister Тemenuzhka Petkova said that the government will rely on cold reserve capacity, if needed, only from state-owned coal-fired TPP Maritsa East 2.
The 120 MW plant is located in the town of Dimitrovgrad, in southern Bulgaria.
(1 euro = 1.95583 levs)