Public Power Corp SA, 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.