Zepos & Yannopoulos acted as Greek legal counsel to PPC S.A., the largest generator and supplier of electricity in Greece, on its inaugural international offering of €650 million 3.875% sustainability-linked senior notes due 2026 (the “Notes”).
The transaction, an offering in reliance on Regulation S under the US Securities Act, records two market firsts, both in terms of structure, being the first direct issuance by a Greek company to the international capital markets, and in terms of product, being the first sustainability-linked instrument offered by a Greek company..
The Notes are linked to sustainability goals and promote PPC’s constant efforts for the improvement of its economic, environmental and social impact. PPC intends to have the Notes listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market thereof, or on another appropriate trading venue in the European Union.
The transaction is the first to apply the Greek law provisions allowing large Greek corporations to access the international capital markets directly and not through a foreign subsidiary and offers a seamless legal structure for future transactions.
HSBC Continental Europe S.A. and Goldman Sachs Bank Europe SE acted as Joint Global Coordinators and Physical Bookrunners, Citigroup Global Markets Europe AG acted as Joint Global Coordinator and Joint Bookrunner and Alpha Bank S.A., Ambrosia Capital Ltd, AXIA Ventures Group Limited, Credit Suisse Securities, Sociedad de Valores, S.A., Eurobank S.A., J.P. Morgan AG, National Bank of Greece S.A. and Piraeus Bank S.A. acted as Joint Bookrunners in connection with the Offering. HSBC Continental Europe S.A. also acted as Sustainability-Linked Bond Structuring Advisor.
The Zepos & Yannopoulos team was led by partner Kely Pesketzi, assisted by senior associate Efthymis Naoumis.
Finance & capital markets partner Elena Papachristou advised on the ECM regulatory side and energy & project development partner Sofia Chatzigiannidou advised on the energy regulatory considerations.
Tax advice was provided by partners Maria Zoupa and Daphne Cozonis and senior associate Ioanna Tapeinou.