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Jun 2021

Bernitsas Law advises PIMCO on Public Power Corporation securitisation

Bernitsas Law advised PIMCO in connection with the securitisation of PPC receivables (Zeus portfolio) under electricity invoices that have been outstanding for more than 90 days. The transaction involves senior notes held by PIMCO, Carval and Deutsche Bank, a junior note held by PPC and servicing and sub-servicing arrangements for the portfolio. It also accommodates a revolving period for the transfer of additional portfolios, as well as an intercreditor agreement and security arrangements in connection with both the Zeus portfolio and another securitised portfolio of PPC receivables (Energia portfolio).

Linklaters acted as English legal counsel to PIMCO. Milbank acted as English law counsel to PPC.  DLA Piper acted as English law counsel to Deutsche Bank as arranger.

Partner Athanasia Tsene acted as transaction lead for Bernitsas team. Athanasia and her team advised on Greek law issues concerning the structure and implementation of the transaction.

Partner Yannis Seiradakis and his team advised on the energy regulatory aspects and Counsel Fotodotis Malamas on the tax aspects of the transaction which closed on 29 June 2021.