* The facility will help PPC repay several obligations
* PPC has a 200 million euros bond due end April
* It also has total coupon payments 340 million euros by
ATHENS, March 1 Greece's power utility Public
Power Corp. has secured initial approval for a 200
million euro ($210.5 million) syndicated bond loan from the
country's main lenders, it said on Wednesday.
Unpaid bills that have been growing since Greece imposed a
bailout-subscribed property tax in 2012 have eaten into PPC's
profit and squeezed cash reserves.
The new credit facility will be extended by National Bank
, Piraeus Bank, Eurobank, Alpha
Bank and Attica Bank and will help PPC repay
several obligations due later in the year.
PPC, which is 51 percent owned by the state, has a 200
million euro bond due at the end of April. It also has several
coupon payments totalling 340 million euros due by the end of
The banks are expected to notify PPC on the final terms for
the new syndicated loan, which will need clearance by the
company's board before it is signed, PPC said in a bourse
($1 = 0.9500 euros)
(Reporting by Angeliki Koutantou, editing by Louise Heavens)