NATIONAL BANK OF GREECE : S.A. ACTS AS EXCLUSIVE UNDERWRITER OF AN UP TO EUR 41.745M FINANCING TO EGYPT’S ELSEWEDY ELECTRIC FOR THE ACQUISTION OF A PORTFOLIO OF RENEWABLE ENERGY PROJECTS IN GREECE
July 01, 2019 at 06:38 am EDT
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National Bank of Greece S.A. ('NBG') is pleased to announce the successful underwriting and arrangement on an exclusive basis of an up to EUR41.745m bilateral bond loan financing pack (the 'Facility') to Elsewedy Electric (the 'Company').
The Facility is successfully utilized, with its proceeds being used to partially finance the Company's acquisition of a portfolio of renewable energy projects in Greece. The Facility 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.
Mr. Vassilis Karamouzis, Assistant General Manager, Corporate & Investment Banking at NBG comments: '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.
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National Bank of Greece SA published this content on 01 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2019 10:37:08 UTC
National Bank of Greece SA is a Greece-based company, which provides a range of financial services. Its financial services include retail and commercial banking, asset management, brokerage, investment banking, insurance and real estate at a global level. The Group operates in Greece, Turkey, the United Kingdom, South East Europe (SEE) which includes Bulgaria, Romania, Albania, Serbia and Former Yugoslavian Republic of Macedonia (FYROM), Cyprus, Malta, Egypt and South Africa. The Bank operates through the following business segments: Retail Banking, Corporate and Investment Banking, Special Asset Unit (SAU), Global Markets and Asset Management, Insurance, International Banking Operations, Turkish Banking Operations, as well as Other that includes real estate management, hotel and warehousing businesses.
NATIONAL BANK OF GREECE : S.A. ACTS AS EXCLUSIVE UNDERWRITER OF AN UP TO EUR 41.745M FINANCING TO EGYPT’S ELSEWEDY ELECTRIC FOR THE ACQUISTION OF A PORTFOLIO OF RENEWABLE ENERGY PROJECTS IN GREECE