National Bank of Greece S.A. (“NBG”) is pleased to announce the successful completion of the structuring, approval and documentation phases for the exclusive hard-underwriting, on a bilateral basis of a EUR350m common bond loan acquisition facility (“Facility”) to the European consortium of the energy companies Snam (60%), Enagás (20%) and Fluxys (20%). Last July the consortium signed the agreements for the acquisition of 66% of the Hellenic Gas Transmission System Operator S.A. (“DESFA”) in tender process completed by the Hellenic Republic Asset Development Fund (“HRADF”) and Hellenic Petroleum S.A. earlier in the year.
The Facility is structured as a long-term (>10-years), non-recourse financing to the consortium. The transaction was technically completed in accordance to the tight timeline and strong confidentiality framework required by acquisition processes of such nature. Facility drawdown remains subject to the satisfaction of customary conditions precedent.
The financing represents a characteristic example of NBG’s growth strategy towards achieving healthy credit expansion, whilst securing leading roles, driven by its robust capacity to manage, structure and underwrite transactions. The Assistant General Manager of Corporate & Investment Banking at NBG, Vassilis Karamouzis, commented accordingly: “NBG has strong capital adequacy and high liquidity to fully underwrite and manage large-scale transactions on a bilateral basis. In consideration of these competitive advantages, NBG is privileged to have been selected by three high profile, global energy players to constitute their exclusive financing partner for this strategic initiative. The structuring and execution of the deal was concluded within a short time period, being fully customized to meet the sponsors’ needs. The transaction represents a vote of international confidence to our franchise, our technical capabilities and our people. NBG looks forward to further facilitating foreign direct investments of similar nature, whilst keeping its commitment to delivering value and results to its customers.”