Commenting on press articles regarding the new Syndicated Loan of €200 million from the Greek Banks, whose terms were approved yesterday by the Board of Directors of PPC, the Company clarifies that:
- There is no obligation for the setting up of an escrow account, in the sense of setting up an account, which can be credited or debited only following approval from the Banks. As long as there is no event of default of the Syndicated Loan or an event that could be considered by the Banks as a trigger of an event of default, PPC has the right of managing all of its accounts and utilizing the amounts deposited by its clients, whoso receivables (current and future) will be pledged.
- The European Investment Bank has already provided its consent to the establishment of a pledge on current and future receivables arising from contracts with corporate clients of PPC, whose consumption of electricity, based on the average of the last two years, has a value equal to 125% of the Loan outstanding.
Athens, March 31, 2017
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