Milbank Advises Public Power Corporation S.A. in Connection With Its Landmark €1.35B Share Capital Increase

Milbank LLP has advised Public Power Corporation S.A. (“PPC”) in connection with its offering, through a non-preemptive issue, of 150,000,000 new ordinary, registered, voting, dematerialised shares, each having a nominal value of €2.48 to institutional investors internationally and to retail and qualified investors in Greece at an offer price of €9.00 per new share, generating proceeds of €1.35 billion.

PPC is the largest generator and supplier of electricity in Greece, providing electricity to approximately 5.9 million end-customers. For more than 70 years, PPC has been at the forefront of Greece’s power industry and an integral part of the country’s process of electrification. PPC is publicly listed on the Athens Exchange with a market capitalization of approximately €2.1 billion.

The Milbank team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis, special counsel Trevor Truman, associates Chara Makrygianni and Panos Tsezos. The team also included New York Tax partner Eschi Rahimi-Laridjani, associates David Hanno and Anne-Sophie Tomé, London Tax partner Russell Jacobs and associate Pranav Subhedar, London Corporate partner Mark Stamp and associate James Mackay, and New York Alternative Investments partner Catherine Leef Martin.