Investor Relations - 21.06.2018

Approval of existing debt refinancing as well as a new credit line by the Greek Banks

Announcement


Public Power Corporation S.A., following its stock announcement dated 8.06.2018, informs that the Credit Committees of the Greek Banks have approved the debt refinancing agreement for the existing loans as well as a new credit line amounting to € 200 mln.

Specifically, the following were approved :

1. The refinancing of the existing syndicated bond loan currently amounting at € 1.2 bln with a new five year loan with no securities. Annual redemptions are provided for in the new loan, as it is common practice, while an amount corresponding to 60% of the loan will be repaid at the end of the 5 year period. The interest margin will be 5.80%, which will decrease in case of extraordinary prepayments (a percentage from disposal of assets or from securitization of receivables) on top of the annual redemptions, as follows :
• with extraordinary prepayments of € 75 mln, the interest margin decreases to 5.5%,
• with additional extraordinary prepayments of EUR € 45 mln, the interest margin decreases to 5.25% and
• with additional extraordinary prepayments of EUR € 80 mln, the interest margin decreases to a final 5%.

It is noted that the margin of the initial loan back in 2014 was 6.5%.

2. The refinancing of the existing syndicated bond loan currently amounting to € 175 mln. 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 margin will be 5.75% compared to 5.80% of the existing loan and will have the same security, that is a floating charge over current and future receivables of PPC’ s customers.
3. The provisions of a new credit line amounting to € 200 mln, which can be signed and used by the Company if needed for the repayment of the international bond maturing in 2019.

Athens, June 21, 2018
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