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Economy

Greece’s Public Power Corporation to Drain €325Μ from Securitization Transaction

ΑΤΗΕΝS — Public Power Corporation announced the signing of contracts for the securitization of arrears with PPC expecting to drain up to 325 million euros from the market. The program, covered by contract claims has a duration of 5 years, including a two-year revolving period, and a three-year period for the repayment of these claims. The interest rate of the transaction is set at 6.8 pct, while the total value of the arrears is estimated at 1.7 billion euros.

PPC drained 150 million euros from a previous securitization of arrears worth 260 million euros, through a transaction with an interest rate of 3.5 pct. Public Power Corporation drained 775 million euros from a sustainability-linked bond issue with an interest rate of 3.875 pct for a sum of 650 million euros and an interest rate of 3.672 pct for the remaining 125 million euros.

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