The European Bank for Reconstruction and Development ("EBRD" or the "Bank") invested EUR 50 million in a debut 5-year EUR 300 million Eurobond issued by the PeopleCert Group ("PeopleCert" or the "Group").
Bond proceeds were used to support the acquisition of Axelos Ltd (the "Target"), a UK based examination provider and PeopleCert's main business partner. A small share of the use of proceeds will be used to refinance Group's existing indebtedness.
ETI score: 72
The Transition Impact derives from the following transition qualities:
Competitive: The acquisition supports the vertical integration strategy of the Group and entails significant operational improvements, allowing PeopleCert to reach international best performance standards.
Inclusive: By upgrading the digital accessibility of the Group's software product range for people with disabilities.
PEOPLECERT WISDOM ISSUER PLC
PeopleCert is a tech-enabled examination business platform specialising in the assessment and certification of professional, IT and language skills and existing EBRD client since 2017. The Group was established in 2000 in Greece, where until today 96% of employees are located, and has in recent years expanded its offering internationally, becoming a significant player in the global certification industry. PeopleCert Wisdom Issuer Plc is a special purpose company incorporated in the UK and fully owned by the Group, which has been exclusively set up for the purpose of the bond issue.
EBRD Finance Summary
Total Project Cost
The Bank's participation in the operation (i) supported an existing client with complex technology business model to tap the international debt capital markets for first time, ensuring a successful book-building process; and (ii) contributes to higher inclusion standards, promoting also gender equality.
Environmental and Social Summary
Categorised C (ESP 2019). Given the nature of the capital market transaction, ESDD was carried out internally without MNPI based on the review of the most recent annual ES report (May 2021) associated with the preceding project as well as follow up examination. ESDD showed that the Issuer is in compliance with relevant national law and EBRD PRs. ESDD also showed that ES issues associated with financing the Issuer's certification service company and acquisition of the Target (an examination provider) are limited. However ESDD indicated that there is a probability that the acquisition could be associated with labour restructuring and retrenchment within the UK Target, therefore the Framework Agreement includes a specific covenant requiring that the client develops a Retrenchment Plan in addition to compliance with the Banks PRs and provision of annual report requirements.
Technical Cooperation and Grant Financing
Company Contact Information
Mr. George Giannetsos (Chief Financial Officer)
+30 210 3729006-7
3 Korai Str., 105 64, Athens, Greece
PSD last updated
04 Oct 2021
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