Commentary & Deal Flow

Public Power Corp SA (PPCGA) EUR600m (up from EUR500m) Reg S only sr notes due 10/31/31 (7y). NC3 (10/31/27) (MWC B+50bp), then at 102.313, 101.156, 100. Equity claw: 3y 40% at 104.625. Special call: 10% per year the 1st 3 years at 103. 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. Settles 10/30 (T+5). XS2929387996. IPT: high 4s to 5%. Price talk: 4.75% area (+/- 12.5bp). $100m upsize to fund expansion capex. Final terms: EUR600m at 4.625%.

Priced: 4.625% at 100. +250bp vs DBR 0.0% 08/15/31.

Roadshow (virtual) 10/21-22 (investor call at 11am 10/21). Books closed at 3:45pm UKT (from 1:30pm UKT) 10/23. 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