National Bank of Greece S.A. on Monday announced the successful underwriting and arrangement on an exclusive basis of an up to 41.745-million-euro bilateral bond loan financing pack to Elsewedy Electric.
The proceeds of the bond loan will be used to partially finance the company’s acquisition of a portfolio of renewable energy projects in Greece. The financing pack is structured as a long-term, non-recourse portfolio financing to the company, aligned to the customary principles of the international leveraged buyout market. The transaction was completed in accordance with a tight timeline customised to meet the company’s needs, whilst addressing diverse structural complexities and confidentiality requirements implied by private transactions of such nature, National Bank said in an announcement.
Mr. Vassilis Karamouzis, Assistant General Manager, Corporate & Investment Banking at NBG commented: “We are pleased to support Elsewedy Electric, an established energy player of the Middle East, in its strategic entry to Greece. The local secondary energy market evolves into a key driver of Foreign Direct Investment in the country, due to its relative value mostly in terms of locked tariffs of existing projects. The transaction falls at the forefront of NBG’s corporate strategy to optimally employ our robust liquidity, as it bridges our top capabilities in financing energy sector initiatives, with our strong focus to facilitate international demand for Greek risk.”
White & Case LLP and Potamitis Vekris law firm acted respectively as NBG’s international and Greek legal counsel in relation to the transaction.