A syndicated bond loan of 900 million euros was signed on Thursday by a consortium of 16 banks, eight Greek and 8 international, for Hellenic Telecommunications Organization S.A. (OTE S.A.).

The two-year loan will be used to refinance a considerable part of loans that expire in 2011 and cover general needs of the OTE Group.

Eurobank EFG acting as exclusive organizer and coordinator set the minimum amount of the loan to 400 million euros but in cooperation with the rest of the participating banks the sum raised reached 1.075 billion euros.