DLA Piper assists Deutsche Bank and Eurobank in landmark energy receivables securitisation for Public Power Corporation S.A.

Global law firm DLA Piper advised Deutsche Bank AG and Eurobank S.A. on a receivables securitisation transaction for Public Power Corporation S.A. (PPC), the largest electricity producer and supplier of energy in Greece.

The securitisation provides EUR675 million in senior funding and the transaction provides for an initial revolving period of two years, with an option to extend for an additional two years and an initial maturity of the notes in 2031. Under the transaction, PPC acts as Seller, Servicer, and Junior Noteholder. The portfolio underlying the transaction consists of receivables originating from low and medium voltage electricity supply contracts, as well as gas supply contracts.

A team from DLA Piper’s Capital Markets team, part of the firm’s Finance practice, advised on the transaction. It was led from London by partner Mark Dwyer, assisted by legal directors Jennifer Jin and Joana Fragata, senior associate Xi Chen, associate Ruby Barlow and trainee Jensen Moss.

Irish law advice was led by structured finance partner Conor Houlihan and tax partner Maura Dineen, supported by legal directors Oisin Mulvihill and Cathal Barrett, and associate Maximilian Mitscherlich. Greek law advice was led by Brussels partner and Head of Greece Country Group, Orestis Omran and associate Elina Bitzika.

Commenting on the significance of the transaction, Mark Dwyer said: “We are happy to have assisted Deutsche Bank and Eurobank jointly on this landmark transaction that is set to enhance PPC’s liquidity. This transaction demonstrates our strong position in the European ABS market through the one stop offering of our platform that allows DLA Piper to advise simultaneously on English, Irish and Greek law in complex corporate and structured finance transactions as well as in regulatory matters.”