DLA Piper assists Deutsche Bank in landmark securitization for Greek State controlled Public Power Corporation

DLA Piper has advised Deutsche Bank under English, Greek and Irish law in the recently closed trade receivables securitisation programme for Public Power Corporation S.A., the largest Greek electricity producer and principal supplier of electricity in the country. The securitisation programme will allow up to EUR325 million in senior funding to enhance the company’s liquidity.

DLA Piper advised Deutsche Bank in its capacity as both arranger and senior noteholder with two separate teams of lawyers assisting the respective Deutsche Bank teams in what was a landmark transaction for the Greek market in that it is one of the first utility receivables securitisations in the country and the first involving overdue receivables.

The Finance team was led by London partners Martin Bartlam and Vincent Keaveny, Brussels partner and Head of the firm’s EU-Greek practice Orestis Omran, and Dublin partners Conor Houlihan and Sean Murray, assisted by legal directors Chris Godwin and Jennifer Jin as well as associates Leigh Ferris, Patrick Lightbown, Stella Mavrommati, Giota Skiathiti and Oisin Mulvihill.

Orestis Omran at DLA Piper said:

“We are happy to have assisted Deutsche Bank on this landmark transaction that is set to enhance PPC’s liquidity, allowing the company to further implement its strategic plan. This transaction demonstrates our strong position in the Greek legal market through the one stop offering of our platform that allows DLA Piper to advise simultaneously on English, Greek and Irish law in complex corporate and structured finance transactions as well as in regulatory matters.”