Milbank Advises Public Power Corporation S.A. in its Offering of €600 Million Senior Notes

Milbank LLP advised Public Power Corporation S.A. (“PPC”), a société anonyme incorporated under the laws of Greece, in connection with its offering of €600 million 4.625% senior notes due 2031. The proceeds from the offering will be used to fund ongoing expansion capital expenditure projects of PPC and its subsidiaries, and pay fees and expenses related to the offering.

PPC is the leading Southeast European electric utility and a critical infrastructure player, operating mainly in Greece and Romania. In Greece, for more than 70 years, PPC has been at the forefront of the power industry and an integral part of the country’s process of electrification. PPC is the largest generator and supplier of electricity, providing electricity to approximately 5.6 million end-customers as of 30 June 2024. It also holds a 51% interest in Hellenic Electricity Distribution Network Operator S.A., the sole owner and operator of the electricity distribution network in the country. In Romania, PPC is the largest energy supplier and the second largest electricity distribution network operator, providing energy to approximately 3.2 million end-customers as of 30 June 2024. PPC is publicly listed, and its shares are traded on the Main Market of the Athens Exchange with a market capitalization of approximately €4.3 billion as of 30 June 2024.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Trevor Truman, and special counsel Varun Natteri Mangadu, with associates Chara Makrygianni and Alexia Pimbli, and law clerk Panos Maniatis. The team also included New York Tax partner Eschi Rahimi-Laridjani and associate Michelle Song.