Our firm acted as Greek legal counsel to a consortium of international and Greek banks and investment firms, in connection with the offering of €500 million sustainability-linked (SLB), senior notes due 2028, issued by the Public Power Corporation S.A. (PPC S.A.).
Following the first HighYield SLB issuance in Europe in March 2021, PPC became the first-in-Europe company having issued two high-yield SLBs within the same year, with an established presence in the international debt market.
The offering was oversubscribed by approx. 6.5 times, with the participation of international investors at roughly 70 percent. The yield reached 3.375% and is linked to specific targets of reducing PPC’s carbon emissions. The proceeds of the offering are expected to cover a portion of PPC’s outstanding debt and the costs of the offering.
The Initial Purchasers included Goldman Sachs, HSBC, Citigroup, Alpha Bank, AMBROSIA CAPITAL LTD, AXIA Ventures Group, Credit Suisse Securities, Sociedad de Valores, Eurobank, J.P. Morgan, National Bank of Greece and Piraeus Bank.