Greece's Pangaea signs 120 mln euro loan, bond market still off limits

Greece's Pangaea signs 120 mln euro loan, bond market still difficult

After failing to tap the corporate bond market earlier this year, Greece's largest real estate investment company (REIC) Pangaea, has secured a 120 million euro loan from Piraeus Bank.

Pangaea, majority owned by Britain's Invel, said that it signed an agreement for the issuance of a 5 year common secured bond loan for up to 120 million euros that will be fully covered by Piraeus Bank. This new loan facility will support the further implementation of Pangaea’s investment plan, it said in a statement.

The move comes as Greek companies have put on ice plans to raise funds by selling bonds amidst broader market turmoil and concerns over Greece's post bailout prospects. In May, Pangaea backed down on a plan to raise 400 million euros by selling bonds, while Aegean Airlines has also shelved plans to sell a seven year bond aimed at raising 200 million euros.

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