Athens-listed OTE has signalled its intention to issue a new bond as it aims to refinance notes expiring in 2015 and 2016.
The Greek incumbent plans to offer a benchmark eurobond that will carry a fixed coupon under its global medium term note…
Athens-listed OTE has signalled its intention to issue a new bond as it aims to refinance notes expiring in 2015 and 2016.
The Greek incumbent plans to offer a benchmark eurobond that will carry a fixed coupon under its global medium term note programme.
It will exchange the new notes for debt maturing in February 2015 and May 2016, at purchase spreads of 60bps and 160bps over mid-swaps respectively.
The number of notes it exchanges will depend on the demand for its new bond. Bondholders tendering their 2015 and 2016 bonds will be able to apply for priority allocation in the new placement.
OTE last issued a eurobond in January 2013 to buy back bonds due in August 2013 and April 2014. It sold €700m in five-year notes to refinance the debt. In its latest quarterly results OTE disclosed €1.6bn in net debt, down €1.2bn from the number it posted 12 months prior.
Earlier today the telco also announced a non-binding offer of €250m to €300m (US$342.4m to US$410.9m) for alternative fixed-line operator Forthnet’s pay-TV operations. Read more here.