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UPDATE 1-Greece's PPC gets initial approval for 200 mln euro loan
March 1, 2017 / 1:45 PM / 9 months ago

UPDATE 1-Greece's PPC gets initial approval for 200 mln euro loan

* 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 year-end (Adds background)

ATHENS, March 1 (Reuters) - 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 year.

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 filing. ($1 = 0.9500 euros) (Reporting by Angeliki Koutantou, editing by Louise Heavens)

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