Greek telco OTE plans to issue a five-year eurobond under its global medium term note programme as it looks to refinance debt.
In conjunction with the issuance, OTE announced a tender offer to buy back an undetermined amount of two bonds maturing in…
Greek telco OTE plans to issue a five-year eurobond under its global medium term note programme as it looks to refinance debt.
In conjunction with the issuance, OTE announced a tender offer to buy back an undetermined amount of two bonds maturing in August 2013 and April 2014 at prices of 100% and 102% respectively.
The issue has a size of €500m (US$673m) and BNP Paribas, Deutsche Bank and HSBC have been mandated for the deal, Reuters reported.
In its Q3 results OTE reported gross debts of €4bn and said that more than half of its debt pile was maturing in 2013. Since that point OTE has refinanced a portion of its debt.
In a bid to tackle its indebtedness the Greek telco also plans to offload Globul and Hellas Sat, aiming to raise up to €1bn.
OTE will publish its Q4 results on 28 February.
