Greece’s Public Power Corp Gets 2.2 Billion-Euro Syndicated Loan

Public Power Corp SA (PPC), Greece’s 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 today.

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 today’s 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 & Poor’s.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net

To contact the editors responsible for this story: Shelley Smith at ssmith118@bloomberg.net Tom Freke, Jennifer Joan Lee

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