PPC

A) Today is the deadline for  the submission of expressions of interest for PPC’s lignite-fired power plants. According to press reports four local industrial groups (Mytilineos, GEK TERNA, Viochalco and Kopelouzos group in partnership with Chinese Shenshua) and at least two investors from Asia are likely to participate in the first phase of the tender.  The indicative timetable of the next steps of the tender procedure is the following: a) 3 July: Selection of investors qualified for the next phase, b) 1 October: Submission of binding offers, c) 17 October: Announcement of the preferred bidder.

 B) PPC announced that Greek banks have approved the debt refinancing agreement for the existing loans as well as a new credit line amounting to EUR 200m. Specifically, the following were approved:  1) The refinancing of the existing syndicated bond loan currently amounting at EUR 1.2bn with a new five year loan with no securities. Annual redemptions are provided for in the new loan, while an amount corresponding to 60% of the loan will be repaid at the end of the 5 year period. The interest rate will be 5.80%, which will decrease in case of extraordinary prepayments, 2) The refinancing of the existing syndicated bond loan currently amounting to EUR 175m. The tenor of the new loan will be 3 years without any redemptions, to be extended by 1 plus 1 year at the banks' sole discretion, following PPC's request. The interest rate will be 5.75%, 3) The provisions of a new credit line amounting to EUR 200m, which can be signed and used by the company if needed for the repayment of the international bond maturing in 2019.


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