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.