ECONOMY

OTE plans to sell first Greek corporate bond in more than year

ote-plans-to-sell-first-greek-corporate-bond-in-more-than-year

Hellenic Telecommunications Organization SA is marketing the first Greek non-financial corporate bonds in more than a year as the nation’s economic outlook stabilizes.

The telecommunications provider intends to issue a minimum of 300 million euros ($320 million) of four-year fixed-rate bonds, according to a statement. The Athens-based company also plans to buy back as much as 300 million euros of notes due in 2016 and 2018.

OTE is aiming to become the first non-financial Greek company to sell new bonds since Dynagas LNG Partners LP in September last year, based on data compiled by Bloomberg. Greece accepted a euro-area bailout in July, which safeguarded its membership of the single currency and eased economic concerns that had closed bond markets to local businesses.

Citigroup Inc., Deutsche Bank AG and HSBC Holdings Plc have been mandated to host an investor call on Monday about the OTE sale, according to a person familiar with the offering, who asked not to be identified because they aren’t authorized to speak publicly.

[Bloomberg]