PPC secures refinancing deal

Public Power Corporation, Greece?s biggest electricity company, reached a refinancing deal on 525 million euros of debt with three banks. The Athens-based company said Wednesday the average interest rate secured in the refinancing deal was 8.9 percent from 8.1 percent before. Public Power also said its cost of total debt remains below 5.5 percent.

?This is a positive development for PPC as it will relieve, although partially, the already stretched financial position of the Greek company,? said Yiannis Sinapis, an analyst at Athens-based Euroxx Securities.

PPC still has to refinance about 500 million euros of debt by the end of the year, Sinapis said. [Bloomberg]