Financed ProjectsHellenic Petroleum Finance

Identification Code:

OP/16/0051

Total Operation Cost:

312.900.000

Maturity:

51 months

Operation Status:

Description and Purpose of the Operation:

Hellenic Petroleum Finance plc (Issuer, HPF), a wholly owned subsidiary of Hellenic Petroleum S.A. (Guarantor or Hellenic Petroleum), successfully priced EUR 74.5 million principal amount of new notes (New Notes) on 26 July 2017, to be consolidated and form a single series with HPF's existing EUR 375 million notes due October 2021. BSTDB subscribed to EUR 31.3 million in New Notes issued by HPF on 26 July 2017. Hellenic Petroleum will use the proceeds raised as a result of the bond purchase by BSTDB for the purpose of implementing various investment projects in connection to its capital expenditure program in 2017-2018 in Greece and Bulgaria.

Countries of Operation:

Greece (100,00 %)

Financial Product:

Loans

Sector:

Energy

Domain:

Private

Borrower/Client:

The Issuer is Hellenic Petroleum Finance PLC (HPF) is a public limited company incorporated with limited liability under the laws of England and Wales. HPF is a primary funding vehicle of Hellenic Petroleum S.A. and a direct, wholly-owned subsidiary of Hellenic Petroleum S.A.

Co-Financiers/Participants:

N/A

Guarantors/Sponsors:

The Guarantor is Hellenic Petroleum S.A., a societe anonyme organized and existing under the laws of the Hellenic Republic. The Guarantor is a vertically integrated refiner that currently enjoys a leading position in the Greek refining market. It operates three refineries in Greece and is one of the largest refiners in the South East Europe with activities across the energy industry spectrum and a presence in six countries. It is listed on the Athens Stock Exchange.

Developmental and Regional Cooperation Impact:

The proposed financing contributes to the development of the Greek refining and fuels marketing industry given the application of the proceeds from the BSTDB financing for the support of the investment program of Hellenic Petroleum in Greece. The transaction also exhibits some potential for regional cooperation given a prospect of applying some proceeds from the BSTDB financing for the capex needs of Hellenic Petroleum in Bulgaria.

Environmental Classification and Impact (summary):

Assigned E&S Category B+. Oil refining is associated with complex E&S issues, which can generate significant risk and impacts. The Group proves to be a well-managed and transparent company, willing and making continuous efforts to follow the industry's best practices, ensure legal compliance, provide its employees with adequate labor and working conditions, and it continuously improves its environmental performance.

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org