The company “ADMIE (IPTO) HOLDING S.A.” (or “Company”), announces that its affiliate IPTO S.A. on June 29th, 2018 has completed the refinancing of its Syndicated Bond Loan (“SBL”) which was signed in 2017 with Greek Banks and had an interest margin of 6.25% by signing a new SBL with an interest margin now amounting to 3%.
The tenor of the new syndicated loan facility of approximately €228 million is 5 years, unsecured without state guarantee. The margin is 3% per annum. The annual benefit of the reduction of the margin is estimated at approximately € 7.4 million with a positive impact on IPTO’s results.
This agreement is the final step of IPTO’s refinancing process. It is worth noting that during the first half of 2018, the affiliate has also signed a loan agreement totaling €199 million with Bank of China (Luxembourg) S.A. and Industrial and Commercial Bank of China Limited. The above-mentioned loans, including the loans with the European Investment Bank, totaling €270 million, have been concluded on very favorable terms. Thanks to these moves, IPTO SA will continue to implement from an advantageous position its ambitious investment program, in which the islands’ interconnections with the mainland occupies an important place.
IPTO S.A. has thus secured the funds required to cover its operational and investment needs for the next years, while it has a fully diversified loan portfolio, which, in combination with active cash management strengthens its financial profile.
The demand for participation from banks was high, confirming the confidence of the Greek financial system in IPTO S.A..
As Mr. Manos Manousakis, Chairman and CEO of IPTO S.A., stated: “The Greek systemic banks have recognized the improvement of the Operator’s prospects by providing one of the lowest interest rates in the market, which is a point of reference for IPTO’s cost of borrowing from now on. This represents a vote of confidence in our ability to timely implement the critical interconnections and mainly the two interconnections with Crete, the extension of the interconnections with the Cyclades and the Dodecanese interconnection”.
This announcement is issued as a Regulated Information, in accordance with Law 3556/2007 as in force and Regulation No 596/2014 of the European Parliament and of the Council on market abuse.
Athens, June 29th, 2018