Reference is made to the half-year report for Black Sea Property AS ("BSP" or
the "Company") published on 30 September 2026, regarding the status and
refinancing requirements of certain parts of the BSP Group, comprising BSP, EPO
Bulgaria AD ("EPO Bulgaria") and EPO Aheloy OOD ("EPO Aheloy") (together the
"Group").
EPO Aheloy, the borrower under the existing loan from First Investment Bank (the
"FIB Loan") and the loan from Penchev Consult EOOD ("Penchev Consult") (the
"Penchev 1 Loan"), has received an indicative offer from a Bulgarian bank for a
loan of up to EUR 12 million (the "New Bank Loan"). The indicated terms provide
for a five-year project loan with limited annual instalments and largely
combining the principal into a final bullet payment at end of year five.
At the maximum amount of EUR 12 million of the New Bank Loan, the indicative
offer requires a shareholder contribution of EUR 4.5 million, of which BSP's
share is approx. EUR 3.4 million. The proposed New Bank Loan remains subject to
credit approval, final agreements and securing the required shareholder funding.
There can be no assurance that the refinancing will be completed. The
refinancing described herein will not affect the Group's other indebtedness,
with BSP as borrower, which will be handled separately.
The proceeds from the New Bank Loan, together with the available proceeds from
the shareholder contribution, are intended to enable full repayment of the FIB
Loan and the Penchev 1 Loan, including accrued interest.
An annex to the Penchev 1 Loan has been signed, extending the repayment deadline
to 28 February 2027. The deadline will automatically be extended to 30 April
2027 provided that EPO Aheloy has entered into a final loan agreement for the
New Bank Loan by 28 February 2027.
A sale of the land plot properties held by the Company's subsidiary Obzor Market
Ltd. was completed on 15 October 2026 for EUR 220,000. The proceeds, net of
transaction costs, have been transferred to BSP.
The Company's management and Board of Directors, together with its partner in
EPO Aheloy, continue to work on the refinancing, including securing commitments
for the required shareholder funding. Further information will be provided in
due course.
For further information, please contact:
Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no
About Black Sea Property AS:
Black Sea Property AS is a real estate company with an indirect interest in
Sunrise River Beach Resort, a partially completed real estate project on the
Black Sea coast. Upon completion, the Resort is expected to comprise
approximately 950 apartments and significant commercial space. The Company works
to complete the Resort and realise its value through residential sales and hotel
operations.
esort and realise its value through residential sales and hotel\
operations.\