ATHENS, April 25 Greece's main power utility
Public Power Corp. (PPC) has secured a 200 million
euro ($217 million) bond loan from the country's main lenders to
refinance debt, it said on Tuesday.
Unpaid bills, which have reached 2.2 billion euros since a
debt crisis engulfed Greece in 2010, have squeezed PPC's cash
reserves. The two-year loan will help the utility repay a bond
of similar size that matures on May 1.
PPC, which is 51 percent owned by the state, also has
several coupon payments totalling 340 million euros that fall
due by the end of the year.
The new credit facility was extended by National Bank
, Piraeus Bank, Eurobank, Alpha
Bank and Attica Bank against collateral
provided by PPC.
($1 = 0.9201 euros)
(Reporting by Angeliki Koutantou; Editing by Mark Potter)