PPC says it will repay bond due next month

Greek power utility Public Power Corporation (PPC) said on Wednesday that it will repay a bond due next month and that its operations and spending plan will continue smoothly.

Analysts cited weak results and an auditor’s report noting “material uncertainty” due to declining revenues, significant pre-tax losses and increased liabilities for its stock drop by almost 28 percent in total on Tuesday and Wednesday.

PPC signed a 200-million-euro syndicated loan with Greek banks last week to help repay a 350-million-euro bond due on May 1.

In a statement on Wednesday, it said that it has already made a deposit to repay the holders of the bond.

It added that it has taken all necessary measures “for the seamless continuation of the group’s operations and the full implementation of its investment plan of 792 million euros in 2019.”

Those measures included financing of 677 million euros this year that it has already secured and prepayment for electricity supplies from state entities worth 550 million euros, which was collected in March.

[Reuters]