The Bulgarian Energy Holding (BEH) said it picked Citi Group to advise it on the placement of a 250 million euro ($325.18 million) bond issue.
The holding company is yet to sign a contract with the financial institution, BEH said in a statement on its website.
Through the bond issue BEH plans to refinance a credit taken out by one of its units, the National Electricity Company.
Earlier this month BEH said it turned down a bid by Deutsche Bank, the single candidate to extend a 250 million euro loan to the company, after it failed to meet the tender requirements.