Public Power Corp (PPC) is considering securitizing a part of its backlog of unpaid bills and using them as an assurance to faucet bond markets later this 12 months, a Greek newspaper reported on Thursday.
PPC, which is 51 percent kingdom-owned, has hired an adviser to help gather a part of its past due payments worth more than 2. Five billion euros have been left unpaid in austerity-hit Greece in recent years.
Citing unnamed resources, Ta Nea newspaper stated PPC will seek to raise 2 hundred-300 million euros through a bond to be blanketed via awesome money owed. It said Deutsche Bank and Finacity had been setting up the procedure.
The utility formerly stated it was inspecting alternatives to raise 300-four hundred million euros from debt markets this year, including a five-year bond.
Chief Executive Manolis Panagiotakis has said that declining income made issuing debt more difficult, but become assured that PPC could pay off a 350 million euro bond due in May.
PPC changed into no longer without delay available for comment.
