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Hellenic Telecoms raises € 400 mln at 2.375%

July 13, 2018

 

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.

 

 

Sources:

€400 εκατ. από τις διεθνείς κεφαλαιαγορές αντλεί o ΟΤΕ με νέο τετραετές ομόλογο

OTE Website, 12 July 2018

 

OTE raises 400 mln via four-year bond issue

Kathimerini English Edition, 12 July 2018

 

Photo courtesy of OTE Group 

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