OTE completes 900-mln-euro bond loan

Hellenic Telecommunications Organisation (OTE) will pubish its 2010 results on Friday 25, February, to be followed by a teleconference.
OTE announced it has reached an agreement with a consortium of eight Greek and eight foreign banks to issue a common bond loan, of a recycling credit totaling 900 million euros, to refinance an 1.5 billion euros loan maturing on Monday 14, February.

Mihalis Tsamaz, chairman of the group, said the agreement highlighted market confidence in OTE to successfully deal with challenges in its operating and financial environment.

Economists and business executives said the loan was a vote of confidence towards OTE. The group's two-year credit default swap shrank spectacularly to 270 basis points from 550 bps. The two-year loan is carrying an option of extending for one more year and the interest was set at Euribor plus 500 points.
OTE said it will use 600 million to repay the bond loan and the remaining 300 milion euros will remain as reserves. OTE signed an 1.5 billion euros loan to finance the purchase of Cosmote's minority shares.

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