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Public Power Corp Receives 2.2 Billion Euro Loan

Greece's biggest electricity provider, Public Power Corp SA, received a 2.2 billion-euro syndicated loan to refinance its deficit.

A group of Greek banks granted PPC the five-year disbursement, that will begin today. The energy corporation declared a net loss of 225 million euros and a 4.5 billion euro net debt in 2013. It's Standard & Poor's rating is CCC.

The new offerings takes the place of loans given in 2013, to pay off maturing debt, as stated on the company's website. The Athens-based business was privatized recently by the Hellenic parliament. Public Power Corp SA explained, "With this loan the company achieves a significant extension of its debt maturities, as well as strengthening of its capital structure".