Mytilineos Bond

Location:

Greece

Project number:

49264

Business sector:

Manufacturing and Services

Notice type:

Private

Environmental category:

B

Target board date:

20 Jun 2017

Status:

Signed

PSD disclosed:

25 Jul 2017

Translated version of this PSD: Greek 

Project Description

The EBRD subscribed the amount of EUR 30 million to the EUR 300 million senior unsecured bond maturing in June-2022 issued by Mytilineos Holdings S.A. (the "Company").

Project Objectives

The Bond proceeds will be used for refinancing of Company's existing secured debt.

Transition Impact

The transaction is expected to support the development of the domestic capital markets.

Client Information

MYTILINEOS HOLDINGS SA

The Company is a Greek diversified industrial group active in the sectors of aluminium and alumina, energy and construction. The Company was founded in 1908 by Mytilineos family and since 1995 has been listed on Athens Exchange.

EBRD Finance Summary

EUR 30,000,000.00

Subscription to a Bond in the amount of EUR 30 million.

Total Project Cost

EUR 300,000,000.00

EUR 300 million

Environmental and Social Summary

Categorised B (2014 ESP). The Project is a capital market transaction with use of proceeds for refinancing the Company's secured debt. The Bank undertook in-house Environmental and Social Due Diligence (ESDD) based on a review of publicly available information and a meeting with the Company's environmental team in Greece. The ESDD focussed on a corporate-level review of the Company's management systems, sustainability strategy, policies and operations and its current compliance status across its three main activity sectors i.e. metallurgy/mining (aluminium & alumina plant), energy and construction. The ESDD confirmed that the Company has the capacity to implement the Bank's Performance Requirements (PRs) in compliance with National and EU environmental laws and regulations.

The Company operates three gas fired power plants and renewable projects (mainly wind with new projects under development and solar) as well as the largest European integrated aluminium works with own mining and port facilities. The ESDD showed that the Company has a proactive and comprehensive corporate Environmental, Social and Governance ("ESG") strategy, encompassing social and environmental performance, employment, health and safety, biodiversity, socioeconomic impacts and community relations and it has a strong commitment to implementing good international environmental and social industry practices throughout its operations. The Company has demonstrated good environmental and social governance standards and commitment to mplementing good international practices in environmental and social sustainability.

The Company's plants operate in compliance with EU environmental standards, including Best vailable Techniques ("BAT") as defined under the Industrial Emission Directive ("IED"). The ompany is actively involved in defining the BAT for the Aluminium industry in Europe. Based on the SDD, a corporate Environmental and Social Action Plan ("ESAP") has been developed and agreed ith the Company aiming at further strengthening the Company's' existing ESG and CSR procedures nd continued certification to international standards. The ESAP includes a commitment to ensure ngoing compliance with National and EU standards, notably future requirements of the IED.The SAP is included in a Framework Agreement between the Company and EBRD that commits the Company to environmental and social requirements in line with the designated Performance Requirements.

Technical Cooperation

None.

Company Contact Information

Investors Relations
ir@mytilineos.gr
+30 210-6877300
Page 3
+30 210-6877400
http://www.mytilineos.gr/
5-7 Patroklou Str. Maroussi, 15125 Athens

Business opportunities

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.