Commentary & Deal Flow

Public Power Corp SA (PPCGA) EUR600m (up from EUR500m) Reg S only sr notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. NR/BB-/BB- (--/stable/stable). Via Citi/GS/HSBC (B&D) jt physical books and jt glocos/BNP/DB/Nomura/SocGen/Alpha Bank/Eurobank/NBG/Optima Bank/ Piraeus Bank/Ambrosia Capital/AXIA/Euroxx Securities jt books. List Dublin. NY law. CoC at 101. IPT: high 4s to 5%. Price talk: 4.75% area (+/- 12.5bp). $100m upsize to fund expansion capex. 

Final terms: EUR600m at 4.625%.

Roadshow (virtual) 10/21-22 (investor call at 11am 10/21). Books close at 3:45pm UKT (from 1:30pm UKT) 10/23. Pricing 10/23 UK afternoon. UOP: fund ongoing expansion capital expenditure projects ($100m upsize to fund expansion capex). Biz: leading Southeastern Europe electric Utility (largest power generation company, distribution monopolist and biggest power supply provider in Greece). HQ: Athens, Greece.

Investor call registration: https://evercall.co/oacc/60077

Deal Roadshow link: https://dealroadshow.com/e/PPC24GIC