Zepos & Yannopoulos acted as legal counsel to Piraeus Bank, acting as Coordinator, Account Bank and Bondholder Agent, Eurobank and Attica Bank in relation to the financing of the €155 million investment plan of Intertrade, whose portfolio includes “Softex” and “Servin” brands.
The leading Greek manufacturer’s investment plan features the purchase and installation of a cutting-edge paper mill in Intertrade’s industrial plant in Voiotia region, as well as the installation of a photovoltaic system, with, the new paper mill aiming to significantly increase Intertrade’s capacity in the vertically integrated production of paper jumbo rolls thus enhancing Greece’s self-sufficiency in paper production and improving its import-export balance. In parallel, the photovoltaic system, aims to cover by means of clean renewable energy the consumption needs of Intertrade’s industrial plant up to 100% during daylight.
As such, this initiative represents a major step towards sustainability and economic autonomy for the country overall and represents a landmark project for the Greek economy.
The financing includes funds sourced from the “Greece 2.0” National Recovery and Resilience Plan (RRF) to finance the project as eligible for the “Green Transition” and “Extroversion” RRF pillars, blended with commercial facilities from the banks to further support the private investment.
Zepos & Yannopoulos assisted the syndicate of Greek banks on all aspects of the transaction, including the conduct of legal due diligence and the drafting and negotiation of the transactional and ancillary documentation, all the way to successful closing of the transaction.
Our team was led by Paris Tzoumas, head of Finance, and Magda Tsatsi, senior associate, assisted by associate Tina Sofianou. Sonia Melegou, head of Real Estate, and Efstathia Kalogerou, associate, advised on real estate matters pertaining to the financing.