Sustainable Business

Public Power Corp raises 500 mln euros from sustainability-linked bond

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ATHENS, July 14 (Reuters) - Public Power Corp. (PPC), Greece's biggest power utility, has raised 500 million euros ($591.15 million) from a 7-year sustainability-linked bond, it said on Wednesday.

The note was priced to yield 3.375% and proceeds will be used by PPC to pay part of its outstanding debt, it said.

PPC initially sought to raise 350 million euros. The issue was 6.5 times oversubscribed and is linked to PPC reducing carbon emissions by 57% by the end of 2023 from 2019 levels, a PPC official said.

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PPC has already shut down some of its lignite-powered plants as part of a plan to phase out all of them by 2025.

Goldman Sachs and HSBC acted as joint global coordinators for the issue.

($1 = 0.8458 euros)

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Reporting by Angeliki Koutantou; editing by James Mackenzie, Kirsten Donovan

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