BUSINESS

OTE raises 400 mln via four-year bond issue

TAGS: Business, Markets

OTE, Greece’s biggest telecoms operator, said it raised 400 million euros from a four-year bond issue.

It completed the note issue on Wednesday via a bookbuilding process and said it was oversubscribed by about five times.

The coupon was set at 2.375 percent, the lowest that OTE has achieved in the last decade, it said in a statement on Thursday.

OTE, which is 45 percent owned and managed by Deutsche Telekom, has net debt of 700 million euros.

The company said it will use the proceeds to refinance part of its future debt maturities and a planned 2-billion-euro investment in new generation networks.

Deutsche Bank and Morgan Stanley were the lead managers.

[Reuters]

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