Public Power Corporation (PPC), the biggest power utility in Greece, on Wednesday announced the completion of a seven-year bond issue that raised 500 million euros, up from an initial target of 350 million euros. Bids totaled 2.3 billion euros, with the issue oversubscribed by 6.5 times.
ATHEX-listed PPC is the first company in Europe to issue sustainability-linked bonds with two such issues within a year.
In an announcement, the company said the yield of the issue reached 3.375 percent and that the proceeds of the bond issue will be used partially to repay the corporation's existing debt and all expenses related with the bond offer. PPC will list the new bonds in the Dublin Stock Exchange.
Foreign "new money" investors covered some 70 percent of the issue.
The issued features a clause of reducing CO2 emissions by 57 percent in the period 2019-2023. The previous bond issue by PPC in March (five-year) included a clause to reduce "greenhouse gas" emissions by 40 percent until 2022
