December 4 (SeeNews) - CEZ Distribution Bulgaria said on Tuesday that it will borrow up to 30.67 million euro ($34.9 million) from its Czech majority owner - CEZ Group, to finance its operating needs and a part of its investment programme in 2018 and 2019.
The terms of the loan are not less favourable to CEZ Distribution Bulgaria compared to the current market conditions in the country, the power distribution company said in a bourse filing.
CEZ Distribution Bulgaria has to fully repay the loan by October 2023.
The company has received a preliminary approval from Bulgaria's Energy and Water Regulatory Commission (EWRC) for taking out the loan.
CEZ Distribution Bulgaria operates the distribution grid on an area of 40,000 sq km in northern and northwestern Bulgaria, including the Sofia region.
($ = 0.8778 euro)