PPC terminates tender to purchase senior notes

Greek power utility PPC announced on Wednesday that its wholly-owned subsidiary Public Power Corporation Finance is terminating immediately its offer to purchase up to an aggregate principal amount of 150,000,000 million euros of its outstanding senior notes of 500,000,000 million euros, with an interest coupon of 5.500 pct, due in 2019, from holders of the notes.

“In light of the strong market conditions and the higher market price of the Notes, and in order to ensure a successful buyback, the Company terminates the Solicitation of Offers to Sell and intends to exercise its right to make an optional redemption of € 150,000,000 in aggregate principal amount of Notes at the price 101.375 pct,” the company said in a press release.

The transaction is terminated unconditional and takes immediate effect, the company said, adding that the solicitation of offers to sell was made as part of the company’s liability management strategy.