Hellenic Petroleum pays coupon on time
Greece’s biggest oil refiner Hellenic Petroleum made an 8-million-euro coupon payment last week on an international bond, a spokesman for the company said on Tuesday.
Hellenic Petroleum made the payment as originally planned on July 3 through a British subsidiary which had issued the bond, the company said.
“The payment was made as scheduled by the bond-issuer, Hellenic Petroleum Finance, which is not affected by capital controls in Greece,” investor relations officer Vassilis Tsaitas told Reuters.
Hellenic Petroleum Finance is based in Britain, according to Thomson Reuters data. Some Greek companies have used foreign subsidiaries to borrow from the bond markets, which means they should have no difficulty in paying their bondholders despite Greece’s capital controls.
Cement maker Titan has two bond coupons totaling 15.5 million euros that fall due on July 10 and 17.
The bonds were also issued by a UK-based subsidiary of the group. A senior executive at Titan said that the company would make the payments as scheduled.
[Reuters]
