PPC mulls securitising late bills to faucet bond markets, consistent with paper

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.

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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.


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