Public Power Corporation (PPC) announced on Monday the issuance and offer of 500 million euros aggregate principal amount of sustainability-linked, unsecured senior notes due 2026, subject to market conditions and demand.
The book-building process will be open until Thursday, while the roadshow for the offer began on Monday. PPC said the proceeds from the offering will be used to repay existing debt, for general corporate purposes and to pay costs and expenses related to the offering. There can be no assurance that the offering will be in the aforementioned size or completed.
PPC intends to have the sustainability-linked notes listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market thereof, or on another appropriate trading venue in the European Union. PPC’s return to capital markets represents a milestone for the company after the crisis. Its previous exit was in 2014 with a €700 million bond, of which €500 million was raised with a five-year bond with an interest rate of 5.5%.