ECONOMY

OTE extends 500-million-euro credit line by a year

Hellenic Telecommunications Organization SA (OTE) extended a 500-million-euro credit line by a year as Greece?s largest phone operator seeks to refinance maturing facilities and cut debt.

OTE will repay 400 million euros of a 900-million-euro revolving credit facility on maturity in February 2013 and extend the remainder to February 2014, it said on Friday in a statement.

[Bloomberg]