Shearman And Sterling

News May 08, 2014

Shearman & Sterling Advises Public Power Corporation on €700 Million Inaugural High Yield Notes Offering

Shearman & Sterling represented Public Power Corporation, S.A. (“PPC”) in its inaugural bond offering of €700 million in a combination of 4.750% senior notes due 2017 and 5.500% senior notes due 2019 (together, the “Notes”), issued by PPC’s wholly owned subsidiary, Public Power Corporation Finance plc. The net proceeds from the issue and sale of the Notes will be used to prepay certain indebtedness and for general corporate purposes. The Notes are guaranteed on a senior unsecured basis by PPC. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on May 8, 2014.

Capital Markets partner, Apostolos Gkoutzinis, commented: "This is the first major corporate bond out of Greece in 2014 and the inaugural benchmark bond by PPC, the largest industrial group in Greece; we are extremely pleased that we were able to assist our client PPC in this landmark transaction."

PPC is the largest electricity generator and the principal supplier of electricity in Greece. The company is the only vertically integrated company operating throughout the electricity value chain in Greece, providing generation, transmission, distribution and supply services to end-customers. PPC is also the sole owner of Greek electricity transmission and distribution networks, and is the sole owner and operator of lignite-fired power plants and large hydropower plants in Greece.

The Team