BUSINESS

OTE taps markets securing record low interest rate

TAGS: Business, Markets

OTE telecom announced on Wednesday the conclusion on Tuesday of the bookbuilding process for the issuance of a 500 million-euro seven-year bond in international debt capital markets.

The issuance was strongly oversubscribed allowing tight pricing. The coupon was set at 0.875 percent, the lowest ever achieved, OTE stated.

Parent company Deutsche Telekom participated in the issuance by covering 20 percent of the deal size, signaling its support to the sustainable development of the group and its vote of confidence in the prospects of Greek economy.

“This issuance is a milestone in the history of the OTE Group, as it is the lowest coupon of an OTE bond to date. It is a vote of confidence in the company and the Greek economy. It demonstrates that healthy businesses, operating in Greece, can have access to international markets with competitive terms, opening a new chapter in Greece's entrepreneurship,” said OTE Group Chairman and CEO Michael Tsamaz.

The new bond will be listed on the Luxembourg Stock Exchange.

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