ATHEX-listed Public Power Corp. (PPC), Greece’s dominant power provider, raised 500 million euros from a seven-year sustainability-linked bond, the state-run utility said on Wednesday.
The issue attracted bids of 2.3 billion euros.
PPC had sought to drain 350 million euros from the markets, although high demand and favourable conditions raised the issue to 500 million euros, an over-subscription of 6.5 times, sources said. The issue is linked to PPC reducing its carbon emissions by 57 percent by the end of 2023 from 2019 levels, a utility executive said.
The yield reached 3.375 percent; lower than an initial guidance of 3.5 to 3.75 percent, with participation by real money investors at roughly 70 percent. Proceeds are expected to be utilized by PPC to cover a portion of its outstanding debt.
PPC has already shut down s handful of its lignite-fired power plants as part of a government-announced de-lignitization plan.
PPC was the first company in Europe to issue a sustainability-linked bond last March, and is now the first in Europe with two issues of S-L bonds within the same year.
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