Redemption: 2023-03-30; Registration: Reg S Only; Comments: 03/11/2021 Public Power Corporation SA (PPCGA) EUR650m (up from EUR500m) Reg S sustainability linked sr notes due 03/30/26 (5y). NC2 (MWC B+50bp), then at 101.938, 100.969, 100 (call prices in case of Target step-up: 102.188, 100.969, 100). Equity claw: 2y 40% at 103.875. NR/B/BB- (--/stable/stable). Via HSBC (B&D)/GS joint physical books/Citi joint glocos/Alpha Bank/Ambrosia Capital/AXIA/CS/Eurobank/JPM/Natl Bank of Greece/Piraeus Bank joint books. HSBC is the sustainability-linked bond structuring advisor. No reg rights. List Dublin. NY law. Sustainability-linked KPI targets: reduction in PPC's CO2 emissions by 4% by Dec 2022, from 2019 base year. Coupon step-up if target is not met: 50bp. Settles 03/18 (T+5). Reg S ISIN: XS2314265237. IPT: 4.00%-4.25%. Price talk: 4.00% area (+/- 0.125%). Final size/yield: EUR650m at 3.875%. Priced: 3.875% at 100. +454bp vs DBR 0.50% 02/15/26. Roadshow 03/08-10 (Investor call at 12:30pm UKT 03/08). Books closed at 1:30pm UKT 03/11 (originally closing at 12pm UKT 03/11). UOP: refi debt (EUR100m partial repayment of EUR1.063bn Greek banks syndicated loan A, and repayment of EUR200m Greek Banks syndicated loan C), and GCP (EUR150m upsize to repay existing debt). Biz: largest power generation company, distribution monopolist and biggest power supply provider in Greece. HQ: Athens, Greece.;