OTE secures €700m

The Greek incumbent OTE has raised €700 million from international markets through the issue of a six-year fixed-rate bond.

With the coupon set at 3.5%, the issue was heavily oversubscribed, the total demand exceeding €2.5 billion.

Out of the €700 million, around €500 million was raised by bondholders who expressed intention to tender bonds maturing in February 2015 and May 2016 in order to subscribe to the new bond.

According to OTE, the bond issue is part of the multi-layered refinancing strategic plan, which OTE has been successfully implementing over the past few years.

OTE Group chairman and CEO, Mr. Michael Tsamaz stated: “It is a vote of confidence of the international capital markets to both Greece and OTE.

The demand for the new bonds that we will issue is an acknowledgement of our strategy as well as of the prospects of the recovering Greek economy.”

Source: broadbandtvnews.com