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

Public Power Corp (PPC) is considering securitising a part of its backlog of unpaid bills and using them as a assure to faucet bond markets later this 12 months, a Greek newspaper reported on Thursday.

PPC, which is 51 percentage kingdom-owned, has hired an adviser to help gather a part of its past due payments really worth more than 2.Five billion euros that have been left unpaid in austerity-hit Greece in recent years.

Citing unnamed resources, Ta Nea newspaper stated PPC will are seeking for to raise 2 hundred-300 million euros through a bond to be able to be blanketed via awesome money owed. It stated 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 yr, including a five-year bond.

Chief Executive Manolis Panagiotakis has said that declining income was making 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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