ADMIE, Greece’s Independent Power Transmission Operator, on Friday said it had secured improved funding terms for its investment programme with the signing of a common bond loan worth 400 million euros with National Bank, Piraeus Bank, Bank of China and Alpha Bank.

The duration of the syndicated loan is 6 years, while the interest rate will be 2.1 pct for the first three years and 2.0 pct for remaining three, plus Euribor.

ADMIE will use the proceeds of the syndicated bond loan to refinance its existing loans (using 310 million euros), with the remaining 90 million to be used to cover the company’s moving capital needs. The bond issue is scheduled for September 28.