Commenting on press articles regarding the banks’ letter for the ownership unbundling of IPTO, PPC clarifies that, taking into consideration the most efficient management of PPC’s liabilities and receivables, the parties involved examine the provision of corporate guarantees by the ENERGIAKI HOLDING to the Banks as collateral of the existing loans of PPC by the Greek Banks, since PPC will transfer 51% of IPTO’s share capital to the ENERGIAKI HOLDING. In case the amount of the corporate guarantees is not enough to cover the amount of € 300 mil., additional collateral will be sought, such as the assignment of receivables from clients. It is noted that the outstanding amount of the existing Syndicated Loan with the Greek banks amounted to € 1,476 mil. on 31.12.2016 and the loan’s maturity is in April 2019.
It is also clarified that the new medium - short term loan’s amount, which PPC has requested from the banks and for which is currently in negotiations, amounts to € 200 mil.
Finally it is noted that the pledge of receivables is examined in the context of PPC’s capability to utilize assets in order to enhance its liquidity, while at the same time maintaining their ownership.
Athens, January 18, 2017
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