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Public Power Corporation gets 2.2 billion-euro syndicated loan

Public Power Corp SA, Greeces largest electricity company, obtained a 2.2 billion-euro ($3 billion) syndicated loan to refinance debt.

The company got the five-year facility from a group of Greek banks, according to a statement. The funds will be disbursed on Friday.

The new financing replaces loans including a 1.2 billion- euro facility obtained last year to repay maturing debt, the Athens-based company said on its website. Earlier this year, the Greek parliament passed a law to privatize PPC.

With this loan the company achieves a significant extension of its debt maturities, as well as strengthening of its capital structure, PPC said in Fridays statement.

PPC reported a net loss of 225 million euros in 2013 and net debt of 4.5 billion euros at the end of the year. It is rated CCC by Standard & Poors.

[Bloomberg]

ekathimerini.com , Friday April 4, 2014 (16:48)  
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