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Hellenic Telecoms raises € 400 mln at 2.375%

In an encouraging sign for the Greek economy, the Hellenic Telecommunications Organisation (OTE) raised € 400 million in a four-year bond issue. The coupon was 2.375%, which is the lowest achieved by OTE in the last 10 years.

The issue was oversubscribed by 5 times, indicating strong investor interest.

From the beginning of 2018, OTE Group has reduced its debt by € 500 mln, From € 4.3 bln in 2010, today its net debt is € 700 mln, a reduction of 83%.

Deutsche Telecom owns 45% of OTE’s shares.

The bond was issued by Deutsche Bank and Morgan Stanley as Lead Managers / Joint Bookrunners, with Alpha Bank, the National Bank of Greece, Eurobank Ergasias and Pireaus Bank acting as co-managers.

For further information on the Greek economy and on investing in Greece, please contact us.


OTE Website, 12 July 2018

Kathimerini English Edition, 12 July 2018

Photo courtesy of OTE Group

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