07/14/2021 Public Power Corp SA (PPCGA) EUR500m (WNG) (up from EUR350m) Reg S only Sustainability-Linked sr notes due 07/31/28 (7y). NC3 (MWC B+50bp), then at 101.688, 100.844, 100 (or after SL step up: 101.938, 100.969, 100). Equity claw: 3y 40% at 103.375. NR/B+/BB- (--/positive/stable). Via GS/HSBC (B&D) jt physical books/Citi jt glocos/Alpha Bank/Ambrosia Capital/AXIA Ventures Group/CS/Eurobank/JPM/NBG/Piraeus Bank jt books. HSBC is the sustainability-linked bond structuring advisor. No reg rights. List Dublin. NY law. Settles 07/21 (T+5). ISIN: XS2359929812. Sustainability-linked KPI Targets: Reduction in PPC's Scope 1 CO2 emissions by 57% by Dec-2023, from 2019 base. S-L coupon step-up: +50bp. IPT: 3.75% area. Px talk: 3.50%-3.75%. Final size/pricing: EUR500m at 3.375%. Priced: 3.375% at 100. +390bp vs DBR 0.25% 08/15/28. Roadshow 07/12-13 (investor call at 12pm 07/12). Books closed at 11:30am UKT today. Reconfirms were due by 1:15pm UKT today. UOP: repay EUR345m term loan A (EUR150m upsize to repay debt). Biz: largest power generation company, distribution monopolist and biggest power supply provider in Greece. HQ: Athens, Greece.